Blue Prism shareholder Coast opposes Vista’s new takeover offer

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Nov 26 (Businesshala) – Coast Capital, a shareholder of Blue Prism (PRSMB.L), said on Friday it would not support private equity firm Vista Equity’s final acquisition offer of 1.22 billion pounds ($1.62 billion), which is owned by British Software Undermines the company for the firm. ,

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US-based Coast, which owns about 2.8% of Blue Prism, also objected to Vista’s initial proposal of £1.09 billion made in September. Instead, Coast backed a potential £1.16 billion proposal last week from SS&C Technologies (SSN.O).

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“Management has lost our confidence in light of the false and inconsistent narrative presented to investors – 1,250 pence is still far from a fair value,” said Coast Capital founding partner James Rasteh.

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“We have evidence that several suitable PE firms (financial advisors) were not approached by Catalyst in this process,” Rasteh said.

An enhanced cash offer of 1,250 pence per share from Bally Bidco Ltd, a firm indirectly owned by Vista, was announced late Thursday. Shares of Blue Prism rose 7.7% to 1,309 pence on Friday.

Blue Prism did not immediately respond to a Businesshala request for comment.

Separately, the UK takeover panel has set a December 2 deadline for SS&C to make a firm offer for Blue Prism or walk away.

($1 = 0.7515 pounds)

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Reporting by AB Jose Koilparambil in Bengaluru; Editing by Krishna Chandra Elurik

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