Wednesday December 17, 09:43 AM
UPDATE 1-Ascribe agrees to 32.9 mln stg takeover
* Offer price at 12 pct premium to Tuesday's close
* Shares indicated up 8 percent
(Adds details)
Dec 17 (Reuters) - AIM-listed Ascribe Plc (LSE: ASP.L
- news) said on Wednesday it had agreed to Scroll Bidco Ltd's recommended cash offer, valuing the healthcare IT services company at about 32.9 million pounds ($50.3 million).
The 28-pence offer price for each Ascribe share represents a premium of 12 percent to Tuesday's closing price of 25 pence.
Ascribe said Scroll Bidco had received irrevocable undertakings to accept the offer in respect of 52.4 million Ascribe shares, representing about 44.5 percent of Ascribe's issued share capital.
Based on customer feedback for its new products and offerings, the company said it was confident of meeting its expectations for the year ending in June 2009, adding that trading had continued to be in line with its expectations.
Ascribe had said in August it was in talks with its executive directors regarding a possible management buyout.
At 0923 GMT, shares of the company were indicated 8 percent higher at 27 pence on the London Stock Exchange (LSE: LSE.L - news) .
(Reporting by Srikanth Srinivasa in Bangalore; Editing by Mike Miller) ($1=.6537 Pound) Keywords: ASCRIBE/
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