Skip to Navigation
Skip to Main Content
Skip to Related Content
to view your mail
Yahoo Finance Plus
U.S. Markets closed
Blue Prism Group plc (PRSM.L)
LSE - LSE Delayed Price. Currency in GBp
Add to watchlist
At close: 4:40PM BST
152 reactions on $PRSM.L conversation
Sign in to post a message.
Coast Capital to vote against Vista's bid for UK software firm Blue Prism
Please explain to me, if the offer price is £11.25, why is the current market price £11.6?
When can we expect news about any offers if the deadline is tomorrow?
UiPath received around $2 billion in funding from private equity before listing this year. My hypothesis is that Blue Prism will need substantial funding too, in order to become a big player in the Metaverse. I expect present management will benefit whether they stay or leave, and by the time a much larger Blue Prism lists in the US those that remain will have substantial stock options.
So, is it best to sell now or are we waiting for a better offer?
So I have gone and checked all the 8.3 forms. 80%+ of the total float has been declared now as owned by institutional investors/ insiders. There will be more institutions holding small stakes below the 1% threshold. Such a small float could make this run like crazy
Jupiter Fund Management plc 6.16%
HMI Capital Fund GP, LLC 6.35%
Jason Kingdon 6.01%
Ameriprise Financial, Inc. 5.11%
Abrams Bison Investments 4.85%
Invesco Ltd. 3.15%
Alastair Bathgate 4.75%
FMR LLC 3.40%
Sanne Fiduciary Services 3.11%
Tickvah Management 1.20%
Barclays -0.01% (net neutral)
Archer Oak 1.14%
Legal & General 1.94%
Tensile Capital 1.13%
Archon Capital 1.19%
Lead Edge Capital 4.29%
David Moss 2.11%
Melqart Asset Management 2.59%
Credit Suisse 3.71%
North Lattitute 0% (sold out large stake)
BoA 0% (sold out large stake)
Coast Capital - no form 8 (possibly 3%)
@jad Really useful info you posted on total float of 80%Jad thanks! So I think an initial bid of $15 asap, brings out a large tech company (IBM?) to put in a counter offer/s. Final price $18-20
Is £11.25 the maximum they could get? Are there any other offers?
Competing offer is addressed in this document.
BP sold,today, for£1.1 billion or 1,125p..
Don’t get your hopes up of a bid succeeding. However even a lowball offer would put a floor under the share price.
Just doubled my position. At a minimum this will be at £15. Offer likely to be around the £18
Could spark a bidding war, worst case even if neither financial investor pulls the trigger, you could have a tech player swoop in with a higher bid.
Blue Prism Responds to Coast Capital Letter
LONDON - 6 October, 2021: The board of directors of Blue Prism Group plc ("Blue Prism") (the "Board", the "Blue Prism Directors", "Blue Prism" or the "Company", as relevant) (AIM:PRSM) values shareholder feedback and is committed to maximizing value for all shareholders. The Board has reviewed a letter dated 30 September 2021 addressed to it from Coast Capital ("Coast") regarding the offer for Blue Prism (the "Vista Offer") announced on 28 September 2021 (the "2.7 Announcement") by Bali Bidco Limited, a company wholly owned by funds managed or controlled by Vista Equity Partners ("Vista") and has the following response:
Blue Prism's Sale Process Was Extensive and Thorough
The Board, with the support of its independent advisors, conducted an extensive market check over four months that included outreach to 15 strategic parties and 12 financial sponsors (including Vista and TPG) and initially resulted in the submission of two non-binding proposals from Vista and TPG to acquire the Company. After discussions and negotiations with both parties, Vista submitted their final proposal which represented a value that was both the highest in the process and superior to the Company's standalone alternatives, which the Board concluded was worthy of recommendation to Blue Prism Shareholders.
There is no obstacle to a superior offer being proposed, and the Board is free to recommend any such superior proposal were one to be made. The parties previously contacted by the Company's advisors, or any other interested party (other than TPG subsequent to their Rule 2.8 announcement on 29 September, 2021, except subject to certain circumstances) may submit a competing proposal at any time (subject to the rules of the Takeover Code), and the Board, if it so determined, would be free to recommend such a proposal without the Company incurring a termination fee.
The Vista Offer Reflects an Attractive Premium and Value
The Vista Offer represents a 35% premium to the Closing Price of a Blue Prism Share on 27 August 2021 (being the last Business Day prior to the commencement of the Offer Period) and a 34% premium to the volume weighted average Closing Price over the three months ended 27 August 2021. Moreover, the 5.8x FY21 revenue multiple implied by the Vista Offer represents a 42% premium to Blue Prism's multiple based on the Closing Price on 27 August, 2021.
The Board's decision to recommend the Vista Offer reflects its belief that the Vista Offer provides greater value and less risk than Blue Prism's current standalone prospects and potential standalone alternatives.
While Coast indicates that it has "communicated the operational improvement plan developed with sector experts and prior management team members over several months", it has not yet provided the Company with a detailed plan, including the financing of any such plan, capable of assessment by Blue Prism's Board.
Blue Prism's Process Was Led by an Experienced, Unconflicted Board
Blue Prism's process was led by an experienced Board with the support of highly-qualified, independent advisors. In response to the Company's Shareholders' feedback, the Company has undertaken significant refreshment of the Board through the addition of three independent, non-executive Directors this year, all of whom led the shareholder consultation process described in the 2.7 Announcement and were closely involved in both the Board's strategic review and the assessment of the Vista Offer. In addition to the Vista Offer being unanimously recommended by all of the Blue Prism Directors, as described in the 2.7 Announcement each Blue Prism Director holding shares has irrevocably undertaken to vote in favour of the Vista Offer when the Scheme (by which the Vista Offer is to be given effect) is put to Blue Prism Shareholders for approval at Meetings of the Blue Prism Shareholders to be convened shortly. The interests of the Blue Prism Directors who also are shareholders are wholly aligned with the interests of the Company's public shareholders.
The Board is not subject to any conflicts relating to Vista, TIBCO or the Vista Offer. As noted in the 2.7 Announcement, the Company's executive team has not had any discussions or entered into any agreements with Vista or TIBCO regarding ongoing participation in the management of the Company or future incentivization arrangements. In addition, Coast's assertions of conflicts of interest on the part of Murray Rode are entirely unfounded, as he has not been employed by TIBCO since 2019, has no financial interest in either TIBCO or Vista affiliates, and played no role in the outreach or interactions with Vista and TIBCO.
The Blue Prism Board has determined that the Acquisition is in the best interests of Blue Prism shareholders, immediately delivering certain value without the execution risks associated with the necessary strategic investments envisaged.
The high was £19 and price/sales has been somewhat lower than US AI companies like UiPath. The lack of tech analysts in London has contributed to relatively low valuation, so my best guess is that it might be sold in the low £20s. TPG would probably retain management and give support in the short term, float on the US market in a few years when AI stocks are higher. The overall market will be at least five times the 5G numbers by then, so a ground floor opportunity for any buyer.
l can't see BP getting taken over..The offered prices will be deemed too low to be successful..
HUGE 1.93M share buy today (23M GBP/32M USD)!!!
For context, this rivals the 2.6M shares that traded on August 31st when the takeover news was announced - and all in a single order.
With that kind of massive volume on a day without any news on Blue Prism, there must be some big money investors who know the share price is about to take another leg up from here (12.00 GBP/16.77 USD).
Ready for take-off!!!
Reasonable BO price here? I think somewhere between 22-25.
I used to have a very large position at an average price below 9 pounds. I regret reducing my position recently because of doubts. I guess, the lesson is that you need to have the guts to hold onto your position.
such a wonderful product, much better than UiPath without any doubt, totally messed up by mismanagement in every region. New management should wipe out all the dirt and bring in real professionals to manage the company., current regional leadership has been very busy in ‘managing’ Kingdon for years…. Poor blind king sitting in a dark room listening to fictitious laurels by the regional jokers.
Coast Capital (2nd largest Blue Prism investor) believes Blue Prism is currently undervalued and it would be a mistake to agree to a takeover at the share price.
“As you are well aware, the Enterprise Value of Blue Prism PLC is currently valued at approximately three times forward revenues - an 80% to 90% discount to the company’s peers including UiPath, Appian, WorkFusion, Automation Anywhere, etc.,” the letter from Coast Capital said.
“Were a buyer to pay a premium of 100%, the share price would still be materially lower than its intrinsic value, and well below where the shares were trading as recently as January 2021.”
“Furthermore, we note that the team at Blue Prism PLC (including management and board) has built and maintained the world’s premier unattended automation software product, with an extremely valuable client base of 2,000+ large-scale enterprises,” Rasteh said.
“Even at its current worst, the company enjoys an enviable reputation as a best-in-class performer, and as a result remains a leader in its rapidly growing and very profitable industry. Now is not the time to throw in the towel!”
Albertsons CEO: Food inflation 'manageable,' supply chain woes 'nothing' like early stages of COVID-19
Agriculture industry watcher says just-in-time buying can relieve supply chain chaos
Yahoo Finance Video
22 Side Gigs That Can Make You Richer Than a Full-Time Job
Advertise with us
© 2021 Verizon Media. All rights reserved.
About Our Ads
Discover new investment ideas by accessing unbiased, in-depth investment research