Persistent offers €81 per share for Nagarro
Persistent Systems has launched a voluntary public takeover offer for Nagarro SE shares at €81 per share in cash. Nagarro's management and supervisory boards recommend shareholders accept the offer.
Indian IT services company Persistent Systems has made a voluntary public takeover offer for German software firm Nagarro SE. The offer values Nagarro at approximately €2.7 billion and proposes to acquire all outstanding shares for €81 in cash per share.
Nagarro's management board (Vorstand) and supervisory board (Aufsichtsrat) have issued a joint reasoned statement, deeming the offer price of €81 per share fair and adequate. They have announced their support for the strategic partnership and recommend that Nagarro shareholders accept the bid.
The offer period is set to expire on July 16, 2024, unless extended. Persistent aims to enhance its market position in digital engineering and technology services through this acquisition. The move is expected to create a larger entity with broader capabilities in the global IT consulting sector.
Shareholders are now faced with the decision to tender their shares. Acceptance of the offer would likely lead to the delisting of Nagarro from the stock exchange, subject to Persistent acquiring a sufficient percentage of shares.