Financial, legal and property transaction specialist Espreon has received a $62 million buyout proposal from the San Francisco-based Vectis Group.
The offer of 65 cents a share is about double the recent trading range for Espreon, which has hired Robert Fraser from TC Corporate, along with legal firm Baker & Mckenzie, to advise on its options.
Vectis is an entrepreneurial investment firm that describes itself as a “global technology enterprise builder”. It is backed by a syndicate that includes Whitney & Co., Banco Santander, and buyout firms Omninet Capital and K1 Ventures.
Vectis is a former competitor to Espreon but sold some of its business to SAI Global several years ago. Now, it seems, they want to re-enter the sector, with a particular interest in Espreon’s property transaction business.
They have already built up a 19.72 per cent stake in its target. It is believed they are receiving advice from Grant Samuel.
Espreon describes the proposed scheme of arrangement as “preliminary, incomplete and highly conditional on due diligence, exclusivity and events, undertakings and contingencies involving the Company and certain third parties.”
However, it considered that the proposal merits further detailed evaluation and it has commenced discussions with Vectis.
Giles Parkinson
Business Spectator
10 June 08
A google search reveals Vectis is associated with former directors and owners of Anstat / IceRidge Conveyancing Software
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