Alterian, the loss-making Bristol-based marketing software specialist, has agreed takeover terms with Maidenhead-based SDL, one of the world’s top three providers of language services, software development and global information management services.
The terms of the acquisition value the entire issued share capital of Alterian at approximately £68.4m or 110p in cash for each share. This represents a premium of approximately 73.2% to the closing price of 63.5p per Alterian share on October 21, the last dealing day prior to the offer period;
Alterian directors are recommending the bid unanimously and SDL has already received irrevocable undertakings and letters of intent in favour of the takeover representing 32.2% of the company's existing issued share capital.
The SDL board says in a Stock Exchange announcement today that it believes there is an excellent strategic fit in combining the marketing analytics, campaign management and social media capabilities from the Alterian product suite with that of SDL's leading global Web and Structured Content Management and eCommerce capabilities. It believes this combination will provide an integrated platform for companies to significantly enhance customer experience.
The takeover is expected to become effective on or around January 27.
Alterian chairman Phil Cartmell said: "The offer gives Alterian shareholders the opportunity to realise a significant cash premium to the price on October 21, the last business day before SDL announced its possible offer."
Mark Lancaster, executive chairman of SDL, added: "The combination of Alterian's marketing and analytics capabilities and SDL's Global Content Management and eCommerce capabilities creates a compelling solution for companies to be successful in engaging with their customers. This solution, coupled with SDL's international capabilities, customer relationships and scale, further enhance SDL's Global Information Management platform to help companies engage with their clients, build brand equity, accelerate speed to market and effectively manage their customer's experience."
Investec is acting as sole financial adviser to SDL. Canaccord Genuity is acting as sole financial adviser to Alterian.
