PracticePeople In PracticeFreecom.net close to victory in battle to buy Pegasus

Freecom.net close to victory in battle to buy Pegasus

The bidding war for accountancy software group Pegasus looked close to an end today as the company recommended shareholders accept a £55.5m offer from recently-floated internet company Freecom.net.

Freecom.net last month trumped a £30 million offer from Australian software group Solution 6 with a £45.8 million bid.

Last week software supplier Electronic Data Processing also said it was considering making a bid.

Sage has also indicated that it may be interested in buying Pegasus.

But today’s 796p-a-share offer by Freecom has been recommended by Pegasus.

Jonathan Hubbard-Ford, chief executive of Pegasus said: ‘We believe this revised offer fairly values Pegasus and we look forward to the opportunity to build on both companies’ e-commerce strengths to create a powerful force in the SME sector.’

Freecom.net forces Sage out of the running for Pegasus with all-share bid

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