AdEPT Technology Shares Leap After Company Agrees to GBP50.3 Million Takeover

By Ian Walker

Shares of AdEPT Technology Group PLC jumped 61% on Wednesday after the company said that it has agreed to a 50.3 million-pound ($60.6 million) takeover by Macquarie Group Ltd.

Under the deal, accepting shareholders of the U.K. IT services provider will get 201 pence in cash for each share held. The price is a 75% premium to AdEPT's closing price of 115.0 pence on Tuesday.

As part of the takeover the AdEPT board has agreed to cancel the 2.5 pence a share dividend that was outlined on Nov. 15, but will reinstate it if the deal doesn't go ahead.

"Whilst we believe that the AdEPT platform can deliver long-term growth and profitability, we also recognise that uncertainties and risks exist in the short to medium term which impact AdEPT's ability to optimise growth as a stand-alone quoted entity," Chairman Ian Fishwick said.

"Given the balance of future opportunities and risks, we are comfortable that the acquisition fairly recognises the medium-term prospects and growth potential of AdEPT as a standalone business and provides AdEPT shareholders with an immediate, certain and attractive value in cash."

Shares at 1509 GMT were up 70.0 pence at 185.0 pence.

Write to Ian Walker at [e-mail]

(END) Dow Jones Newswires

February 08, 2023 10:44 ET (15:44 GMT)

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