Software group Unit4 becomes target of £840m takeover bid

 
Michael Bow
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A DUTCH software company that serves blue-chip UK firms such as EDF Energy and Lloyds Bank is being stalked by a pack of private equity suitors hoping to buy the company, the firm said yesterday.

Unit4, which is listed on the Amsterdam Stock Exchange, said it had been approached by private equity firms about a possible takeover bid valued at €35 a share, valuing the firm at €989m (£839m).

Shares in the company, which has six UK offices, rose by their highest in five years yesterday after the announcement. They closed at €32.98, having given back some of their early gains in late trading.

Unit4’s flagship software is Agresso and Coda Financials, which helps companies model financial forecasts and analyse costs. EDF has used Unit4 software to model major infrastructure projects in the past.