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Pagero to acquire Tungsten

Tuesday 10th May, 2022

Tungsten Network has announced it is withdrawing from acquisition discussions with Kofax in favour for a cash offer for Tungsten by Pagero.

The Pagero Offer price of 48 pence per share in cash represents an aggregate value of £61.49 million.

Tungsten processes invoices for 60% of the FTSE 100 and 68% of the Fortune 500. It enables suppliers to submit tax compliant e-invoices in 54 countries, and last year processed transactions worth over 220 billion for organisations such as Caesars Entertainment, Computacenter, GlaxoSmithKline, Kraft Foods, Mondelēz International, Procter & Gamble, Shaw Industries, Unilever, and the US Federal Government.

This is the second offer that Tungsten has received, the first being made by Kofax Holdings Ltd on 24th March 2022.

Commenting on the Offer, Tony Bromovsky, Chairman of Tungsten, said: “The Board of Tungsten is pleased to recommend Pagero’s cash offer for Tungsten which represents an increase of 6 pence to Kofax’s offer of 42 pence per Tungsten Share and an approximate 65.52 per cent premium to the undisturbed share price on 13 December 2021. This Offer provides our shareholders with even greater value in cash for their shares, as well as providing Tungsten with a strong and complementary partner to invest in our product development and enhance our offering for our global customer base.”

The Tungsten Directors propose to adjourn the Court Meeting and the Tungsten General Meeting to 18 May 2022.

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