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Kape Technologies PLC on Friday noted that the takeover offer from Unikmind Holdings Ltd, which it had resisted, is now unconditional.
The London-based digital security software provider said Unikmind has acquired or received acceptances for its offer for 80% of Kape shares.
As a result, the offer will close on May 19, and Kape shares will be cancelled trading on AIM on May 31.
Kape had said that Unikmind’s increased and final offer of $3.60 per share undervalued the company and its future prospects, but on Friday last week, Unikmind bought a further 17.2 million shares at $3.60 each, increasing its stake to 58% from 54%.
Later that day, Kape said its shareholders should ‘seriously consider accepting’ a revised takeover bid from Unikmind.
Unikmind then acquired 4.8% more in shares, taking its stake to 63%, and then on Thursday this week said it owned or had acceptances for 79.69% of all Kape shares. On Wednesday, Unikmind had declared its takeover offer unconditional in all respects.
Shares in Kape were down 0.4% at 287.88 pence each in London on Friday, at midday.
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