Coast Capital Management, the second largest shareholder of Kin & Carta, has publicly rejected a Â£203 million ($246.5 million) takeover bid from Apax Partners funds via Kelvin UK Bidco. The offer, made on Friday, was deemed opportunistic and inadequate by the New York-based investment firm.
The proposed deal represented a 41% premium on a 110-pence per share takeover compared to the previous closing price. However, Coast Capital criticized the board’s decision, highlighting the strength of Kin & Carta’s management team and its top-tier talent pool. The firm expressed expectations of a significant revenue increase over the next two years, attributing this to an all-time high backlog.
Despite the ongoing discussions, Kin & Carta’s shares were down 0.2% at 107.20 pence at 1305 GMT on Friday. The London-listed digital-transformation consultancy firm is highly regarded for its best-in-class management team and top-tier talent pool, factors that Coast Capital believes will contribute to the company’s growth.
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