The Upland Board acknowledges the recent buzz in the media about a potential offer for all of Upland’s existing and forthcoming shares.
Upland’s Board can confirm an unexpected and preliminary proposal for a potential acquisition of Upland at a proposed price of 14p from an entity named SEC Capital (“Potential Offeror”).
The Board firmly declined this proposal, believing it considerably underestimates the company’s potential.
Shares of #UPL traded at 6.35p each, marking a 115% increase (At 8.30 a.m.) even touching a high of 8.98p earlier in the session. The SP skyrocketed in initial trades following its announcement of a 'very preliminary' bid proposal at 14p per share… https://t.co/ZSdlXvjM84 pic.twitter.com/h8kPfjQKhI
— Share_Talk ™ (@Share_Talk) October 23, 2023
Following this declaration, an “Offer Period” for Upland has begun as per the Takeover Code guidelines. In line with Rule 2.6(a) of the City Code on Takeovers and Mergers (“Code”), the Potential Offeror must, by 5:00 p.m. (London time) on 20 November 2023, which is 28 days from now, either declare a definite intention to bid for Upland per Rule 2.7 of the Code or state its decision not to bid. If the latter, the statement will adhere to Rule 2.8 of the Code. This timeframe can be adjusted with the Panel on Takeovers and Mergers’ approval, per Rule 2.6(c) of the Code.
It remains uncertain whether Upland will receive a definitive offer or the conditions of any such offer.
This announcement comes directly from Upland, without the Potential Offeror’s agreement.
More updates will be provided when deemed necessary.
