Checkit plc, a company specializing in augmented workflow and smart sensor automation, has launched a hostile bid to take over Crimson Tide plc. The proposed all-share deal values Crimson Tide at approximately £12 million, offering a 12% premium to its closing price on June 3rd. If successful, Crimson Tide shareholders would own about 30% of the combined entity. Checkit’s board believes the merger would create a larger, more attractive workflow software company. Despite previous rejections from Crimson Tide’s board, Checkit is seeking to engage directly with shareholders to discuss the potential benefits of the merger.
Software, Technology,United Kingdom