Britain's Blue Prism agrees to $1.65 bln takeover by SS&C, snubs Vista (updated)

Prism Technologies

01/12/2021 08:31

(Adds details about deal, background)
    Dec 1 (Reuters) - Software group Blue Prism  PRSMB.L  agreed
to a 1.24 billion pounds ($1.65 billion) takeover offer from
SS&C Technologies  SSNC.O  on Wednesday, withdrawing its backing
for a bid from rival suitor Vista. 
    U.S.-based fintech company SS&C's all-cash offer of 1,275
pence per Blue Prism share is higher than its earlier possible
bid of 1,200 pence, and is above private equity firm Vista's
final offer of 1,250 pence.
    Blue Prism chief Jason Kingdon said the combination with
SS&C will offer access to "significant capital resources and
investment in R&D alongside access to SS&C's extensive 18,000
customers".
    Blue Prism directors intend to unanimously recommend that
shareholders vote in favour of the SS&C offer.
    Vista did not immediately respond to a Reuters request for
comment outside their regular business hours.
    SS&C said it intends to maintain Blue Prism's British
headquarters as a UK robotic process automation centre.
    Blue Prism shareholder Coast Capital, which owns around 2.8%
of the software company, last week had objected to Vista's
revised offer saying it undervalues the firm and had instead
backed the possible offer from SS&C made in mid-November.
 urn:newsml:reuters.com:*:nL4N2SH3J6
     UK takeover rules reserve the right for Vista to withdraw
its final offer and come back with a higher bid to compete with
SS&C's offer. 

($1 = 0.7509 pounds)

 (Reporting by Aby Jose Koilparambil in Bengaluru; editing by
Uttaresh.V and Devika Syamnath)
 ((abyjose.koilparambil@thomsonreuters.com; +919986528692))