Espoo, Finland-based Tietoenator originally offered 71p ($135) per share, or 46.6m pounds ($88.6m) to acquire Houghton Regis, UK-based Attentiv on April 5, before Windsor, UK-based Microgen made a cash-plus-equity offer of 81p ($154) per share. Tietoenator’s new cash offer equates to 85.5p ($162) per share.
Microgen said last week that it had received irrevocable undertakings and non-binding letters of intent to accept its offer from the holders of 52.2% of Attentiv’s shares.
However, Tietoenator said its improved offer has now received acceptances representing about 62.6% of Attentiv’s existing issued share capital, and the Attentiv board is now recommending it to shareholders. Tietoenator has given Attentiv’s shareholders until May 26 to decide on the new offer.
Attentiv, formerly known as Lynx Financial Systems, provides software applications to banks and building societies in the UK and mainland Europe. Major customers include Britannia Building Society, NatWest, and BMW Finance.
For the year ended September 30, 2004, Attentiv recorded net profit after tax of 2.7m pounds ($5.1m), down from 3m pounds ($5.6m) the previous year, on revenue that grew 25% to 32.1m pounds ($60.2m). Some 95.5% of the company’s annual revenue came from the UK.
