Kape directors reject cash offer made by Unikmind

28th Feb 2023 16:21

(Sharecast News) - Cybersecurity and privacy software company Kape Technologies updated the market on the cash offer made by Unikmind Holdings on Tuesday, with the independent directors rejecting the bid.

The AIM-traded firm's directors, except for Unikmind nominee Pierre Lallia, said that after consulting with major institutional shareholders, they had decided to reject the offer.

They said they believed it materially undervalued Kape and its future prospects.

Shore Capital and Citi advised the independent directors in arriving at their advice.

"Following publication of an offer document by Unikmind, the independent directors will write to Kape shareholders with their views on the offer," the board said in its statement.

At 1557 GMT, shares in Kape Technologies were up 0.35% at 294.01p.

Reporting by Josh White for Sharecast.com.