Blue Prism (LSE: PRSM), a British robotic process automation company, agreed to a £1.24 billion takeover offer from SS&C Technologies (Nasdaq: SSNC) and withdrew its support for a slightly lower bid from Vista Equity Partners.
Why it matters: Vista has a reputation for winning deals with its wallet, not for getting beat out on price.
Stay on top of the latest market trends and economic insights with Axios Markets. Subscribe for free
Background: Vista originally topped a rival bid from TPG Capital, but Blue Prism shareholder Coast Capital (2.8% stake) last week said its offer was too low. There's still the possibility that Vista will come back over the top.
The bottom line: "The SS&C offer would give each Blue Prism shareholder 1,275p a share, a premium of 53.2% to the closing price of 832p on August 27, which was the last business day before sale talks were first disclosed... Vista's price was a 35% premium to Blue Prism's closing price in August but less than half its all-time high three years ago." - Sarah Provan, FT