Kofax jumps after agreeing to Lexmark $1bn takeover
Shares in process applications software Kofax jumped over 45% after the group confirmed it had accepted a takeover offer worth approximately $1bn (£670m) from printing giant Lexmark International.
FTSE All-Share
4,374.06
16:44 24/04/24
FTSE Small Cap
6,434.18
17:09 24/04/24
Kofax Limited (DI)
735.00p
16:35 30/03/15
Software & Computer Services
2,412.52
17:09 24/04/24
Under the terms of the agreement, Lexmark will acquire all of the outstanding shares of Kofax and it will fund the acquisition with its non-US cash facility and its existing credit facilities.
In a statement released on Wednesday, Kofax said its board of directors had unanimously recommended the merger, while the company’s shareholders signed a voting agreement committing to support the takeover.
New York-listed Lexmark said the deal will double the size of its enterprise software business, which will be valued up to approximately $700bn.
“We believe joining forces with Lexmark benefits our customers, partners, employees and shareholders and the merger will build on Kofax’s rich history of continuous innovation,” said Kofax chief executive Reynolds Bish.
Kofax shares were up 45.73% to 733.00p at 09:31 on Wednesday.