Freecom.net forces Sage out of the running for Pegasus with all-share bid
The battle for Pegasus took a major twist yesterday with news that Freecom.net had logded an all-share bid for the accountancy software group, knocking Sage out of the race.
The £48.5m bid convinced rival Sage to withdraw despite the company’s strong interest in Pegasus which was announced in December.
Pegasus received a 430p per share cash offer from Australia’s Solution 6 before Christmas, but the new offer values the shares at 658p.
But although the new bid puts Solution 6 in the shadows, analysts have been quick to point out the risks attached to internet stocks which are extremely volatile at the moment.
Freecom.net floated as recently as December 2 and helps small and medium-sized companies to establish a commercial presence on the internet.
Software house battle looms as Sage considers joining in takeover bidding for Pegasus