BAE Systems Norkom offer accepted

18 Feb 2011

BAE Systems has said its offer for software company Norkom is now unconditional, after receiving acceptances in respect of almost 85pc of its share capital.

Defence contractor BAE made the offer last month, with each shareholder poised to receive €2.10 for each share held. The company was valued by BAE at €217m.

“’All of the conditions to the offer as set out in the offer document have now been satisfied or waived and, accordingly, the offer is declared unconditional in all respects,” a statement from BAE Systems said.

The offer remains open for acceptance. Following the closure of the offer, BAE said it will exercise its right to compulsorily acquire all outstanding shares not already acquired.

BAE said it will cancel Norkom’s listings on the Dublin’s Enterprise Securities Market and London’s AIM market.

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