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Kape Technologies PLC on Tuesday said a $1.51 billion takeover tilt from majority shareholder Unikmind Holdings Ltd ‘materially undervalues’ the digital privacy and security company.
Kape said it came to the conclusion after engaging with major institutional shareholders, and having been advised by Shore Capital and Citi.
‘Following publication of an offer document by Unikmind, the independent directors will write to Kape shareholders with their views on the offer,’ Kape added.
Unikmind, which owns about 55% of Kape, earlier in February offered per $3.44 per share. Kape at the time urged shareholders to take no action.
Kape shares were up 0.1% to 293.38 pence each in London on Tuesday morning.
By Eric Cunha, Alliance News news editor
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