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Blue Prism shareholder Coast opposes Vista's new takeover offer

By Reuters

<div> <p> – Blue Prism shareholder Coast Capital said on Friday it will not support private equity firm Vista Equity’s final takeover offer of 1.22 billion pounds ($1.62 billion) for the British software firm on grounds it undervalues the company.</p> <p>U.S.-based Coast, which owns around 2.8% of Blue Prism, had also objected to Vista’s initial 1.09 billion pounds proposal made in September. Coast had instead backed a rival 1.16 billion pound possible offer last week from SS&C Technologies.</p> <p>“Management has lost our trust in light of false and inconsistent narrative presented to investors – 1,250 pence is still far from fair value,” said James Rasteh, founding partner of Coast Capital.</p> <p>“We have evidence that many suitable PE firms were not contacted by (financial advisor) Qatalyst in this process,” added Rasteh.</p> <p>The increased cash offer of 1,250 pence per share from Bali Bidco Ltd, a firm indirectly owned by Vista, was announced late on Thursday. Blue Prism shares jumped up to 7.7% to 1,309 pence on Friday.</p> <p>Blue Prism did not immediately respond to a Reuters request for comment.</p> <p>Separately, the UK Takeover Panel has set SS&C a Dec. 2 deadline to make a firm offer for Blue Prism or walk away. </p> <p>($1 = 0.7515 pounds)</p> <p/> </div>