Unikmind announces 'increased and final offer' for Kape

21st Apr 2023 12:00

(Sharecast News) - Unikmind announced an increased and final offer for Kape Technologies on Friday, offering $3.60 per share for the entire issued and to-be-issued share capital of the ExpressVPN owner that it does not already hold.

The AIM-traded firm announced the offer having already received irrevocable commitments to accept it in respect of 12.93% of Kape's existing issued capital, excluding treasury shares.

It said it had acquired 17,233,547 Kape shares for $3.60 apiece, representing 4.01% of Kape's existing issued share capital.

Unikmind, together with those acting in concert with it, had acquired or agreed to acquire 58.24% of Kape.

When added to the irrevocable commitments to accept the increased and final offer over the further 12.93% of Kape's share capital, it totalled 71.17% of Kape, excluding treasury shares.

The offer would remain open until 1300 BST on 5 May.

"Kape shareholders who have previously accepted the original offer, and have not withdrawn those acceptances, will automatically be deemed to have accepted the terms of the increased and final offer by virtue of their prior acceptances, and therefore need not take any further action," Unikmind said in its statement.

"Subject to the increased and final offer becoming or being declared unconditional, such Kape shareholders will receive the increased and final offer price in respect of their Kape shares."

At 1154 BST, shares in Kape Technologies were up 0.52% at 288.5p.

Reporting by Josh White for Sharecast.com.