Private equity firm BGH Capital, has ditched its non binding proposal to acquire 100 per cent of shares in Hansen Technologies (ASX:HSN)
The unsolicited proposal was to acquire all outstanding Hansen shares for $6.50 per share, yet BGH Capital informed Hansen that they have made the decision to withdraw. Discussions have been ceased, and the process between the two companies has been terminated.
Hansen being a global provider of software and services to the energy, water and communications industries, noted that after extensive due diligence, BGH has not notified them of any issues in their current operations and strategy.
BGH Capital said, 'they continue to see Hansen as a highly effective organisation with an outstanding management team and strong prospect.'
Hansen Chairman David Trude said, "significant new business wins, coupled with a continued focus on our aggregation strategy, reinforce our commitment to, and confidence in, our long-term revenue target of $500 million in FY25.”
Shares in Hansen Technologies (ASX:HSN)
are trading 11.5 per cent lower at $5.46.