Apax offer for Kin and Carta lapses
Sivota
3.50p
16:35 08/11/24
Kin and Carta's journey towards acquisition took a significant turn on Monday, with the lapse of the final offer from Apax Partners.
Nonequity Investment Instruments
0.00
17:17 25/09/06
The developments began on 18 October, when Kin and Carta's board, alongside Kelvin UK Bidco, agreed on a recommended cash acquisition offer.
That initial agreement proposed an acquisition of Kin and Carta's entire ordinary share capital at 110p per share.
On 6 December, a revised offer emerged from Apax, elevating the offer price to 120p per share.
However, the scenario shifted again on 19 December, with Kin and Carta's board announcing a new contender, Valtech, and its recommended cash offer at 130p per share.
Apax issued an update on 27 December, outlining revised conditions for the Apax acquisition, extending the deadline to 1 March.
Despite that, Apax confirmed on 9 February that their offer would not undergo further increases.
The conditions stipulated in the Scheme Document remained unfulfilled by close of business on 8 March, leading to the lapse of Apax's final offer.
Reporting by Josh White for Sharecast.com.