Blue Prism shareholder Coast opposes Vista's new takeover offer

Prism Technologies

26/11/2021 18:03

Nov 26 (Reuters) - Blue Prism  PRSMB.L  shareholder Coast
Capital said on Friday it will not support private equity firm
Vista Equity's final takeover offer of 1.22 billion pounds
($1.62 billion) for the British software firm on grounds it
undervalues the company.
    U.S.-based Coast, which owns around 2.8% of Blue Prism, had
also objected to Vista's initial 1.09 billion pounds proposal
made in September. Coast had instead backed a rival 1.16 billion
pound possible offer last week from SS&C Technologies  SSNC.O .
 urn:newsml:reuters.com:*:nL4N2R211Y
    "Management has lost our trust in light of false and
inconsistent narrative presented to investors - 1,250 pence is
still far from fair value," said James Rasteh, founding partner
of Coast Capital.
    "We have evidence that many suitable PE firms were not
contacted by (financial advisor) Qatalyst in this process,"
added Rasteh.
    The increased cash offer of 1,250 pence per share from Bali
Bidco Ltd, a firm indirectly owned by Vista, was announced late
on Thursday. Blue Prism shares jumped up to 7.7% to 1,309 pence
on Friday.
    Blue Prism did not immediately respond to a Reuters request
for comment.
    Separately, the UK Takeover Panel has set SS&C a Dec. 2
deadline to make a firm offer for Blue Prism or walk away.    

($1 = 0.7515 pounds)

 (Reporting by Aby Jose Koilparambil in Bengaluru; Editing by
Krishna Chandra Eluri)
 ((abyjose.koilparambil@thomsonreuters.com; +919986528692;))