Business

Britain's Blue Prism agrees to $1.65 bln takeover by SS&C, snubs Vista

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REUTERS/Rick Wilking

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Dec 1 (Reuters) - Software group Blue Prism (PRSMB.L) agreed to a 1.24 billion pounds ($1.65 billion) takeover offer from SS&C Technologies (SSNC.O) on Wednesday, withdrawing its backing for a bid from rival suitor Vista.

U.S.-based fintech company SS&C's all-cash offer of 1,275 pence per Blue Prism share is higher than its earlier possible bid of 1,200 pence, and is above private equity firm Vista's final offer of 1,250 pence.

Blue Prism chief Jason Kingdon said the combination with SS&C will offer access to "significant capital resources and investment in R&D alongside access to SS&C's extensive 18,000 customers".

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Blue Prism directors intend to unanimously recommend that shareholders vote in favour of the SS&C offer.

Vista did not immediately respond to a Reuters request for comment outside their regular business hours.

SS&C said it intends to maintain Blue Prism's British headquarters as a UK robotic process automation centre.

Blue Prism shareholder Coast Capital, which owns around 2.8% of the software company, last week had objected to Vista's revised offer saying it undervalues the firm and had instead backed the possible offer from SS&C made in mid-November. read more

UK takeover rules reserve the right for Vista to withdraw its final offer and come back with a higher bid to compete with SS&C's offer.

($1 = 0.7509 pounds)

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Reporting by Aby Jose Koilparambil in Bengaluru; editing by Uttaresh.V and Devika Syamnath

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