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ServicePower in bid talks with private equity firm after rebuffing Constellation

Wednesday, November 23, 2016 1:17
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(Before It's News)

Workforce management software specialist ServicePower Technologies Plc (LON:SVR) has rebuffed the bid approach from Canadian software titan Constellation Software Inc (TSE:CSU).

Instead, it is in discussions with US private equity firm Diversis Capital about a possible offer pitched around the 6p a share level; ServicePower shares closed at 2.75p on Tuesday night.

The board of ServicePower gave the usual caveats that there could be no guarantee that a bid from Diversis would emerge.

Diversis Capital confirmed that it is in talks with ServicePower regarding making a possible all-cash offer.

Under the terms of the City’s “put up or shut up” rules, Diversis must make a formal offer for ServicePower by 20 December or walk away.

Diversis Capital, based in Los Angeles, is focused primarily on the middle-market, and claims to be “generally industry agnostic” while at the same time stating “technology, and specifically software, is a core focus area where it spends a significant amount of time”.

Shares in ServicePower opened 89% higher at 4.95p, close to their 52-week high.

Story by ProactiveInvestors

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