A British supplier of specialist information management solutions, Idox, has been identified as the party interested in acquiring local software firm 6PM.
The company is offering £0.88 per share.
Idox employs over 660 staff located in the UK, the US, Canada, Europe, India and Australia, and services the public sector and highly regulated asset intensive industries around the world.
So far, the large shareholders who between them hold nearly 70 per cent of the shares have agreed to accept the offer “subject to certain conditions”. An independent committee had been established last April in view of the potential conflict of interest that may have arisen between the duties of directors and the personal interest of the directors in their capacity of shareholders. The committee has been empowered to handle the due diligence exercise and the process that ensued.
The committee met to assess the offer and concluded that it would be in the best interest of the company. Employees would be retained but the company’s shares would be de-listed.
Details of the offer are available on the company’s website www.6pmplc.com and on www.cc.com.mt.