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Alterian Rejects £50m Acquisition Bid
UK-based analytics and social media monitoring specialist Alterian has rejected an offer from FTSE 250 translation software firm SDL, valuing it at just under £50m
Friday's all-cash offer of 80p per share represented a premium of 40.4% over Thursday's closing price of 57p, and the would-be buyer said there was 'a strong strategic fit between the two companies' with potential for Alterian to expand its customer base via the group and cash in on SDL's international expertise.
Under UK takeover rules, SDL now has until 21st November - also the date scheduled for the publication of a detailed review of the business by new Alterian CEO Heath Davies - to make a formal offer or walk away. Analyst comments today suggested the offer price was 'opportunistic' - a low multiple of current revenues, due to Alterian's recent management upheavals and disappointing results.
Alterian, whose shares have risen following the news to around the 80p offer price, is on the web at www.alterian.com .
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