Blue Prism defends Vista takeover bid after investor opposition

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Oct 6 (Reuters) – British software program firm Blue Prism (PRSMB.L) on Wednesday defended Vista Equity’s $1.5 billion takeover supply, saying it’s higher than remaining a standalone agency, days after activist investor Coast Capital opposed the deal.

Blue Prism agreed to a 1,125 pence-per-share supply from Vista final week, however minority shareholder Coast mentioned it will vote in opposition to the bid that it believed undervalued the London-listed firm. learn extra

U.S.-based Coast, which owns about 3 million Blue Prism shares, objected to the deal in a letter final week, saying the sale course of was flawed and that it believed there have been a number of conflicts of curiosity.

Blue Prism, in response, mentioned it reached out to fifteen strategic events and 12 monetary sponsors throughout its sale course of and that assertions of conflicts of curiosity had been “entirely flawed”.

Coast had earlier mentioned it despatched out an operational enchancment plan to Blue Prism, however the UK-based firm mentioned on Tuesday that it lacked particulars for its board to evaluate.

($1 = 0.7352 kilos)

Reporting by Yadarisa Shabong in Bengaluru; Editing by Krishna Chandra Eluri and Ramakrishnan M.