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UK's Blue Prism agrees to $1.5 billion takeover bid from PE firm Vista

By Reuters

-British software automation company Blue Prism Group agreed on Tuesday to a 1.1 billion pound ($1.50 billion) takeover offer from American private equity firm Vista Equity Partners.

The London-listed company, whose customers include automaker Daimler, e-commerce firm eBay and Britain’s NHS, said it plans to recommend that shareholders vote in favour of the 1,125 pence-per-share bid.

The offer represents an about 35% premium to the stock’s closing price before the offer period began on Aug. 28.

Blue Prism, the latest British takeover target by a private equity firm, was also in talks with TPG Capital over a possible offer.

Blue Prism said it also plans to separate the chairman and chief executive role and that it has started looking for a new CEO.

($1 = 0.7311 pounds)