Pagero Group AB said on Monday that its undertakings to acquire shares in Tungsten Corp. have lapsed after Tungsten agreed to an increased recommended cash offer from Kofax Parent Ltd.
Pagero had procured undertakings from shareholders Samson Rock Capital LLP and Herald Investment Management Ltd. for around 21.1% of Tungsten's share capital in aggregate as part of its proposed GBP61.5 million ($76.8 million) takeover of Tungsten. Pagero had offered 48 pence in cash per share.
On Friday, Kofax announced an increased offer of 55 pence a share, bringing its total offer for Tungsten up to around GBP70.6 million. Its inital offer was 42 pence per share.
On Monday afternoon, shares in Tungsten were up 0.7% at 56.6 pence.
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