Blue Prism Group PLC (AIM:PRSM) said it continues to recommend the £1.24bn takeover offer from the hedge fund SS&C Technologies Holdings, Inc. (NASDAQ:SSNC) as rival bidder Vista failed to increase its offer by the deadline.
On 1 December, the robotic process automation software specialist withdrew its backing for Vista’s 1,250p per share offer and instead recommended the higher bid of 1,275p from SS&C.
Vista had stated on 25 November when its 1,250p bid was announced that this was its final offer and would not be increased. Under the City Code on Takeovers and Mergers, Vista had four days from the announcement of the recommended SS&C offer on 1 December to set aside this ‘no increase’ statement.
As no such announcement has been made by Vista, the Vista offer is final and cannot be increased, Blue Prism noted.