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CyanConnode Holdings PLC on Tuesday announced it received a takeover approach from Dubai-based Esyasoft Holding Ltd.
The Cambridge, England-based developer of narrowband radio frequency mesh networks said the possible takeover offer would value it at £35 million, around 9.75 pence per share.
CyanConnode shares surged 17% to 8.50 pence each on Tuesday afternoon in London, giving it a market capitalisation of £31.5 million.
Esyasoft has until March 3 to announce a firm intention to make an offer for CyanConnode, or to announce that it does not to intend to make an offer.
In April 2025, Esyasoft bought Chippenham, England-based renewable electricity supplier and energy services provider Good Energy Group PLC in a deal which valued the latter at around £99.4 million, with an implied enterprise value of £67.8 million.
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