UPDATE: Craneware confirms no proposal yet received from Bain Capital

Craneware PLC on Friday said it has not received a takeover proposal from Bain Capital Private Equity LLP, as Bain confirmed its assessment of a possible offer.

Craneware’s stock closed up 8.8% at 2,230.00 pence in London on Friday, following Bain’s announcement.

Bain said it had noted the recent share price movement for Craneware, and ‘press speculation’ about a potential offer for the Edinburgh, Scotland-based software solutions provider.

‘Bain Capital confirms that the Bain Capital Funds are assessing a possible offer to acquire the issued and to be issued share capital of Craneware,’ the US private investment firm said.

‘This evaluation is highly preliminary in nature, and has not to date involved any approach to the board of Craneware.’

Bain acknowledged that it has until the evening of June 13 to either announce a firm intention to make an offer or confirm that it does not intend to make one.

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