Long Path Partners has disclosed that it has secured aggregate support for approximately 49.26% of Idox shares in relation to its proposed cash acquisition. The bid, valued at 71.5 pence per share, requires acceptance from holders of more than 50% of the voting rights to proceed.
Idox shares closed the previous session at 71.0 pence, trading at a slight discount of about 0.7% to the offer price. The deadline for the offer is set for 1:00 p.m. London time on March 16.
As of February 5, valid acceptances for the bid stood at 19.12%, according to a regulatory update. When including additional supportive shares, the figure rises to around 25.34%. The reported 49.26% total support combines the bidder's own holdings with both binding undertakings and non-binding letters of intent from other shareholders.
Market participants are closely monitoring the acceptance levels as the mid-March deadline approaches. Letters of intent are not legally binding, meaning shareholders can still alter their positions or trade their shares before formally accepting the offer.
The deal, initially agreed upon in October, values the specialist government software provider at approximately £339.5 million. Investors face the risk that if the 50% threshold is not met, the offer could be delayed, revised, or withdrawn, potentially causing Idox's share price to retreat to its pre-offer trading range.
