25 May 2012

Swiss group in hostile £21m Synchronica bid 

31/01/2012 Robert Tyerman

Mobile technology leader Myriad has made its expected offer for mobile messaging operator Synchronica (SYNC) – a paper bid worth £20.6 million, or 13p a share.

Synchronica, steered by chief executive officer Angus Dent, is advising shareholders to take no action, saying its board has failed to reach agreement with the Swiss-quoted concern.  

Myriad is offering 4.67 of its own new shares for every 100 shares in its UK target, noting that represents a 70 per cent premium over loss-making Synchronica's share price when it opened talks in November. However, the Swiss company has not as yet persuaded the directors of  Synchronica, whose revenues have started to boom since its £15 million acquisition in July of Nokia's former Operator Branded Messaging.

Highlighted by Growth Company Investor at 9.38p in October, Synchronica shares now trade at 12.25p, down 0.25p today. Hold on for now.

Tags: AIM market, Angus Dent, Myriad Group, Paper bid

Sector: Software & Computer Services

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