Tender Offer

RNS Number : 0893O

Sage Group PLC

23 June 2010

 

23 June 2010

Sage launches public tender offer for Teta

The Sage Group plc ("Sage") today has launched a public tender offer to acquire Teta S.A. ("Teta"), based in Wroclaw, Poland, and listed on the Warsaw Stock Exchange, for an enterprise value of approximately £41million*.

Teta is a provider of ERP and HR products and services to mid-market customers in Poland and Hungary. Teta's revenue for the year ended 31 December 2009 was £21m*and EBIT was £3m. At 31 December 2009 Teta had net assets of £22m*.

The offer for each Teta share is PLN 12.75 in cash. This represents a premium of 15% to Teta's average share price for the three months prior to 31 May 2010 (the date on which an offer of PLN 11.75 per share was made for the company by UNIT4). The consideration will be met out of Sage's existing debt facilities.

Paul Walker, Sage Chief Executive, comments, "The proposed acquisition of Teta complements our existing business in Poland. By joining these businesses together we can offer our customers a richer portfolio of products and services, and further develop our offerings in the attractive Eastern European markets" 

*All financial information calculated on the basis of £1 = PLN 4.9

About The Sage Group plc

The Sage Group plc is a leading global supplier of business management software and related products and services, principally for small to medium-sized enterprises. Formed in 1981, Sage was floated on the London Stock Exchange in 1989. Sage has 6.2 million customers and 13,100 employees worldwide. We operate in over 24 countries covering the UK, Europe, North America, South Africa, Australia, India and China. For further information please visit www.sage.com.

Enquiries:

The Sage Group plc       [phone]                                 

Paul Walker, Chief Executive                                                

Paul Harrison, Finance Director                                            

Andrew Griffith, Investor Relations

Tulchan                          [phone]

David Shriver

 

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