“I believe the offer from Xplorer Capital represents an attractive premium,” said chairman Peter Simmonds
CloudCall Group PLC (AIM:CALL, OTCQX:CLLLF) has agreed to be taken over by Xplorer Capital Management for £39.9mln in cash.
Shareholders in CloudCall will be entitled to receive 81.5p per share, a 71.6% premium to the closing price on Wednesday and 43.8% to the average price for the preceding three months.
The deal has been unanimously recommended by the CloudCall directors.
Xplorer Capital said it believes that the company “would benefit from returning to private ownership with the support of a growth-focused shareholder”.
Peter Simmonds, non-executive chairman of CloudCall, said: “Over recent years, the management of CloudCall has continued to develop its product mix, enhanced its client base and positioned itself for growth.
“However, CloudCall operates in a highly competitive environment where many of its peers are larger and better capitalised and CloudCall will require additional funding to continue to support its strategy and remain competitive.
“Against this backdrop, I believe the offer from Xplorer Capital represents an attractive premium, provides certain value today for CloudCall shareholders and provides CloudCall with the opportunity to access significant further capital to implement CloudCall’s strategy in the future.”
Shares in CloudCall jumped to 79p on Thursday.