CyanConnode says minded to accept revised buyout proposal by Esyasoft
CyanConnode Holdings PLC on Tuesday said it received an additional non-binding proposal from International Holding Co PJSC subsidiary Esyasoft Holding Ltd for a possible all-cash takeover offer.
The Cambridge, England-based narrowband radio frequency mesh network developer said the possible offer price is for 10.44 pence per share, valuing it at £37.5 million.
Back in February, CyanConnode had noted a possible takeover offer by Esyasoft which had valued it at 9.75p per share, or £35 million.
CyanConnode shares rose 9.8% to 9.00 pence each around noon on Tuesday in London, giving it a market capitalisation of £32.3 million.
CyanConnode said it confirmed to Esyasoft that the revised proposal is at a level that the board would be willing to recommend unanimously to shareholders.
CyanConnode said its board ‘has been particularly mindful of CyanConnode’s robust and longstanding strategic relationship with Esyasoft and its affiliated group companies’ and that it ‘believes that combining the businesses would lead to significant commercial and strategic synergies, particularly in relation to scale, capital support and international expansion opportunities, across both India and other countries.’
In April 2025, Esyasoft bought Chippenham, England-based renewable electricity supplier and energy services provider Good Energy Group PLC in a deal which valued the latter at around £99.4 million, with an implied enterprise value of £67.8 million.
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