Agresso Unit 4 tables £158 million bid for CODA

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AIM-listed financial software developer CODA has received a 157.8 million takeover offer from the Norwegian-Dutch combine Agresso Unit 4. John Stokdyk reports.

According to a CODA trading statement, Unit 4 Agresso opened negotiations with an indicative offer of 205 pence a share for CODA's 79 million ordinary shares.

"There is no guarantee of any offer being made," said CODA, but were such an offer to be made and accepted, the combined company would turn over more than 300 a year and rank as one of Europe's top 10 software vendors, it said.

CODA's board was interested enough to undertake limited due diligence and the tone of its announcement indicates there's a receptive mood at CODA's Harrogate headquarters.

On the surface, accepting an offer from a European rival would be a retrogra...

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18th Jan 2008 10:53

Good spot
@David - yep - larf: should read €300 million - of course.

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17th Jan 2008 16:59

Big business
Over 300 euros a year turnover. Impressive !

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17th Jan 2008 14:46

Done deal
John - subject to a last minute difficulty, this is a done deal. Also - they didn't need to name Agresso but the lawyers wrote the press release. Go figure.

You're drawing the wrong conclusions on this. CODA wasn't on the block but Agresso is in acquisition mode. Plus there are things about CODA that make it very attractive.

Check this post more to come.

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