Gresham Technologies has become the latest London-listed company to be targeted by an American bidder.
The software provider has recommended that its investors accept a £147 million, 163¾p-per-share bid from STGPartners, a Californian private equity firm, which represents a near-27 per cent premium to Gresham’s previous closing share price and comes alongside an interim dividend of ¾p per share. Shares in Gresham promptly jumped by almost a quarter, or 31½p, to 160½p.
Gresham builds tailor-made data management and compliance software for clients including easyJet, M&G Investments and Santander. The company, which has about 270 customers in 30 countries, has invested $35 million to create its Clareti platform, which provides financial reconciliation services to companies.
The deal comes as private equity players take advantage of the