Mergers and acquisitions in listed tech have crashed, but New York-based Australians Robert Poiner and Tom Davies struck gold with a bet on ESI Group.
| A little known Australian fund manager, Edgeworth Capital, has emerged as one of the largest shareholders in a €676.15 million French takeover target, ESI Group, after building a high-conviction position in the stock that became the fund’s biggest investment.
Last month, the global software simulation company announced it had received several takeover offers. Bloomberg reported that five private equity firms and multinational software corporation Dassault Systèmes were evaluating bids.activity, with this year producing only five software deals, down from 41 for the whole of last year.
Since 2000, the voting agreement in place between the founders of ESI – including newly retired Alain de Rouvray – and their children acted as a blocking stake, but that was dissolved, suggesting the family is open to an acquisition.Edgeworth agreed this in effect put the company in play for the first time in 50 years and started buying the stock at prices as low as €69 . It last changed hands at €111.50.
Edgeworth is one of only three funds appearing in its top 10, with the other seven shareholders being family members. It is still Edgeworth’s largest position. The other two funds are Long Path Partners and Briarwood, both NY-based enterprise software specialists.
United Kingdom Latest News, United Kingdom Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Australians in golf’s new world order: Cameron Smith wins but Greg Norman loses | Nick TedeschiTour merger gives Smith everything he could possibly want while the LIV commissioner’s time as a powerbroker is surely over
Read more »
Cuba Gooding Jr settles New York rape lawsuit, averting trialOscar-winning Jerry Maguire star was accused of raping unnamed woman but his lawyers have insisted encounter was consensual
Read more »
Jodie Comer stops stage performance because of New York air: ‘I can’t breathe’Actor was helped off stage from her one-woman show Prima Facie after city’s poor air quality prompted breathing issues
Read more »
New Zealand to introduce new rules to crack down on youth vapingReforms include bans on most disposable devices, no new vape shops near schools and enforcing generic flavour descriptions
Read more »
Australians lodging their tax returns are being warned against 'sinister scammers'Australians are being warned to remain alert to ''sinister scammers' as they prepare to lodge tax returns, with the number of reported scams soaring.
Read more »