By Michael Susin
London-listed digital-transformation consultancy company Kin & Carta has agreed to an improved cash offer from Ken Bidco, a special-purpose acquisition company indirectly owned by BC Partners. In response, Kin & Carta has rejected the offer from Apax Partners. The news has sent shares of Kin & Carta soaring.
As per the new agreement, Ken Bidco will recommend to shareholders a cash offer of 130 pence for each share held. This represents an 8.3% premium compared to the offer price of 120 pence per share under Apax’s terms. The valuation of Kin & Carta’s share capital is estimated to be around GBP239 million ($302.3 million).
Following the announcement, Kin & Carta shares closed up by 15%, or 17.0 pence, reaching a total of 132.0 pence.
Ken Bidco expressed its belief that the combined entity will provide significant benefits to both companies. They highlighted the expected accelerated growth, efficiencies resulting from a shared global platform, and improved resilience in the sector.
Ken Bidco is a newly formed special-purpose acquisition company owned indirectly by Valtech Topco, which is under the indirect control of funds advised by BC Partners.
Leave a Reply