SAI Global (SAI) shares are up over 17% after the company confirmed they received received a takeover offer from Private Equity Partners (PEP)
SAI Global (SAI) shares are up over 17% after the company confirmed they received received a takeover offer from Private Equity Partners (PEP). The non-binding offer is in the range of $5.10 - $5.25 for each SAI share - approximately a 20% premium to Friday's closing price. The offer has sparked the SAI board into action with the announcement that the current CEO has been removed. The statement from SAI says, last week, it became clear to the Board that we were unlikely to resolve the differences between the Non - executive Directors and the CEO regarding the changes required and the pace of those changes to deliver the business improvements that we are seeking over the short to medium term. Whilst the Board has agreed to engage with PEP on their proposal the release today suggests they recognise a disconnect in the current valuation of SAI. Full release: (VIEW LINK)
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