CyanConnode accepts lower Esyasoft bid after due diligence findings
CyanConnode Holdings PLC on Friday said it has accepted a reduced £36.5 million bid proposal from Dubai-based energy transition and smart grid technology group Esyasoft Holding Ltd.
The all-cash offer values each share in the Cambridge, England-based developer of narrowband radio frequency mesh networks at 10.165 pence.
Esyasoft made a first move to buy CyanConnode back in February, offering 9.75p per share, valuing the business at £35 million.
In March, this was raised to 10.44p per share, a level at which CyanConnode said it was minded to accept.
In the meantime, the deadline for making a bid has been extended to allow Esyasoft to conduct due diligence.
On Friday, CyanConnode said it has accepted a lower bid which values the firm at £36.5 million on a fully diluted basis and implies an enterprise value of £58.5 million.
After completing the due diligence process, Esyasoft wrote to CyanConnode raising concerns relating to certain potential liabilities and the carrying value of certain balance sheet items.
CyanConnode said it carefully considered Esyasoft's findings and the rationale for the proposed price adjustment and, after negotiations and consulting with its financial adviser, agreed that this modest reduction was acceptable.
Shares in Cyanconnode closed up 6.0% at 9.54p each in London on Friday.
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