IN BRIEF: Smart Metering investor group soften KKR bid stance

Smart Metering Systems PLC - Glasgow-based energy management services provider - Shareholders ...

Alliance News 18 March, 2024 | 8:11PM
Email Form Facebook Twitter LinkedIn RSS

Smart Metering Systems PLC - Glasgow-based energy management services provider - Shareholders representing just under 18% of the company, including two founders, temper opposition to Kohlberg Kravis Roberts & Co LP takeover offer, which SMS backed in December. Funds advised by private equity firm Kohlberg Kravis Roberts & Co LP offered 955 pence in cash per SMS share, which gives a GBP1.3 billion equity value and GBP1.4 billion enterprise value to all of SMS. Primestone Capital LLP, together with Alan Foy and Steve Timoney, "remain disappointed" by the offer price but note interest in SMS elsewhere has been scarce.

"In the light of the foregoing, and in the absence of any third party proposal or indication of interest in SMS, PrimeStone Capital and the Founders now intend to assent the SMS shares in which they are interested into the offer," a statement says.

Current stock price: 951.00 pence

12-month change: up 23%

By Eric Cunha, Alliance News news editor

Comments and questions to newsroom@alliancenews.com

Copyright 2024 Alliance News Ltd. All Rights Reserved.

Email Form Facebook Twitter LinkedIn RSS

Securities Mentioned in Article

Security Name Price Change (%) Morningstar
Rating
Smart Metering Systems PLC

About Author

Alliance News

Alliance News provides Morningstar with continuously updating coverage of news affecting listed companies.

© Copyright 2024 Morningstar, Inc. All rights reserved.

Terms of Use        Privacy Policy        Modern Slavery Statement        Cookie Settings        Disclosures