Billionaire owner of Camden Market Teddy Sagi’s revised offer for Kape Technologies PLC (LSE:KAPE) represents an “indicative improvement” but still undervalues the AIM-listed software company, reckon Kape’s independent directors.
Sagi’s investment firm Unikmind, which already owns 55% of Kape, made an offer of US$3.60 (290p) per share on Thursday, a month after the directors turned down a cash offer of US$3.44 per share, equal to 277p per today’s exchange rate.
Kape’s independent directors have explored alternatives to the offer to realise greater value to shareholders, but no firm proposal from a third party has been received and the company is no longer in discussions with any third party.
As a controlling shareholder, has the power to turn down any offer regardless. Unikmind has stated it intends to seek a delisting of the company, Kape, which owns ExpressVPN and other internet privacy brands, regardless of the outcome of the offer.
Minority shareholders Dan Pomerantz (who is one of the independent directors), Peter Burchhardt (co-founder of ExpressVPN), Ariel Hochstadt and Ran Greenberg (co-founders of Kape brand WebSelenese) have undertaken to accept the revised offer.