Alterian ready to talk after new SDL offer
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UK— Alterian has said it is “prepared to engage” with SDL, the makers of web content management technology, after it made an indicative offer to buy the marketing analytics software firm at a price of 110p a share.
SDL’s first bid of 80p per share – which valued Alterian at £50m – was flatly rejected. However, Alterian now says that the improved price – valuing the firm at £68.7m – is at a level where it would be prepared to recommend it to shareholders if an all-cash offer were to be made.
Alterian’s shares rose 14.5p to 102p as the stock market reacted to the news. Talks are at an early stage, Alterian said, and a further announcement will be made in due course.
The company’s three founders left this year following disappointing financial results which saw a drop in sales and a £4.4m operating loss. The company, under new chairman Phil Cartmell and CEO Heath Davies (pictured), has been reviewing the business but had said it was not considering a sale.
In late October it announced a cost-reduction plan to shave £16.8m off the company’s outgoings.
