Esker Shares Tender Offer Reaches Significant Milestone
Esker Shares Tender Offer Reaches Significant Milestone
The recent public tender offer for Esker shares, initiated by Boréal Bidco in collaboration with Bridgepoint and General Atlantic, has achieved remarkable success. Shareholders of Esker have shown overwhelming support, tendering a substantial number of shares during the initial offer period.
Overview of the Offer
By the end of this first offer period, Boréal Bidco is set to hold 74.62% of Esker's share capital along with a corresponding 74.49% of its voting rights. This strong outcome highlights the positive reception of the offer among existing shareholders.
Settlement and Reopening
The settlement and delivery of the initial offer is scheduled, marking a key date in this process. Moreover, to accommodate those who haven't yet participated, the offer will be reopened from 17 to 30 January, allowing minority shareholders another opportunity to tender their shares at the agreed price of €262 each.
Results and Implications
In total, 4,187,880 Esker shares were tendered, representing approximately 68.79% of the total shares and 64.83% of voting rights. When combined with the shares already accounted for under Boréal Bidco's holdings, the effective ownership will increase, showcasing significant control over the company.
The successful prior acceptance conditions have paved the way for a favorable outcome, with shareholding anticipated to reach 77.36% post-settlement due to various contributions from executives and treasury shares.
Future Steps and Stakeholder Participation
As the reopening of the offer approaches, shareholders are encouraged to connect with their financial intermediaries for the necessary response forms. This will ensure that those interested in participating can do so seamlessly.
Company Information
Esker, known for its AI-powered business solutions tailored for the Office of the CFO, operates across multiple continents, including North America and Europe. The company reported sales of €178.6 million in 2023, demonstrating a robust presence in the global market.
About Boréal Bidco, Bridgepoint, and General Atlantic
Bridgepoint, which has operated in the investment space for over 35 years, focuses on private equity and infrastructure. General Atlantic supports transformational growth companies globally, managing over $100 billion in assets. Together, they represent a strong backing for Esker amid ongoing market dynamics.
Frequently Asked Questions
What is Boréal Bidco's shareholding after the initial offer?
Post-initial offer, Boréal Bidco will hold 74.62% of Esker's share capital and 74.49% of voting rights.
When will the settlement of the initial offer occur?
The settlement delivery of the initial offer is set for 24 January 2025.
What is the reopening date for the offer?
The offer will be reopened from 17 to 30 January 2025, allowing more shareholders to participate.
What steps should shareholders take for the reopened offer?
Shareholders should contact their financial intermediaries to obtain the offer response forms for the reopened offer.
What is Esker's focus as a company?
Esker specializes in AI-powered business solutions, enhancing decision-making and collaboration in financial operations.
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