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(Sharecast News) - Essensys said on Tuesday that it has agreed to be taken over by a concert party led by founder and chief executive officer Mark Furness in an 11.3m deal.
Under the terms of the transaction, Essensys shareholders will receive 17p per share in cash, which is a premium of about 9.7% to the closing share price on 27 November 2025, the last business day before the start of the offer period.
As an alternative to the cash offer, Essensys shareholders may elect to receive one new Bidco share for each of their shares.
Essensys said the concert party is constituted by Mark Furness and three "long standing, experienced" investors in the company and the UK technology sector.
The company's chair, Jon Lee, said: "The Essensys independent directors have considered a range of options for Essensys's future, in particular both the execution risks and capital requirements associated with delivering the next phase of growth in a public market environment.
"We believe that the cash offer provides Essensys shareholders with a certain value today, while also recognising the strategic merits of the company operating in a private setting. It is our view that private ownership will provide Essensys with greater flexibility to focus on long-term strategic priorities, customer delivery and product innovation, without the short-term pressures and reporting requirements associated with being admitted to trading on AIM."
At 1115 GMT, the shares were down 9.6% at 16.28p.
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