MARKETING software provider Alterian has rejected an all-cash takeover approach from British translation software firm SDL that values it at about £50m.
SDL, which provides translation services to multinationals such as Bosch, GlaxoSmithKline and Microsoft, said yesterday it had sent a letter to the board of Alterian on Friday outlining its interest in buying the company at 80p per share.
SDL said the two companies had a “strong strategic fit”.
“We think a tie-up between the two companies would make sense as it would expand SDL’s web content management customer base,” Espirito Santo’s Vijay Anand said.
But Alterian urged its investors to “give the new management team the necessary time to complete the business review, execute its strategy and deliver greater shareholder value”.
Its shares shot up 27.6 per cent to 81p yesterday – above the offer price.