SDL to buy Alterian after raising bid
Nick Clark is the arts correspondent of The Independent. He joined the newspaper in June 2007, initially reporting on the stock markets. He has covered beats including the City, and technology, media and telecoms and made the switch to arts in December 2011. He has also contributed articles to the sports section.
Saturday 03 December 2011
SDL, the UK translation group, is set to secure beleaguered marketing technology group Alterian after lifting its bid by more than a third to £68.4m.
SDL, which is headed by executive chairman Mark Lancaster, had tabled an 80p per share offer in October, which the Alterian board rejected "unequivocally".
After several months of discussions it upped the offer to 110p per share. Alterian's independent directors now consider the terms to be "fair and reasonable" and gave the deal their blessing.
The offer is a 73 per cent premium to the share price close the day before SDL first approached with an offer. New Alterian boss Heath Davies had been working through a 100-day plan to turn the company around. Today is Day 84.
Phil Cartmell, the chairman of Alterian, said the directors recommended the offer "having considered it in the light of the changes that have been made to the business as part of the recently announced transformation programme".
Giles Leather, an analyst at Panmure Gordon, said: "Big acquisitions are always hard to digest, Alterian's track record is poor but we have always rated the products."
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