UK's Craneware rejects Bain Capital's $1.3 billion takeover proposal
British software firm
Craneware
said on Wednesday it has rejected a
takeover proposal
from U.S.
private equity
firm
Bain Capital
, stating that the 26.50 pounds-per-share proposal undervalued the company.
Bain Capital's proposal would have valued the British company at 939.4 million pounds ($1.27 billion) on Wednesday.
Craneware's shares were up marginally at 20.10 pounds at 0723 GMT.
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Bain Capital separately said it would not make an offer for Craneware.
The proposed bid represented a 29.3% premium over Craneware's closing share price on May 15, the day before Bain Capital disclosed its interest.
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Craneware, which specialises in
healthcare financial software
for the US market, currently has a
market capitalization
of about 710 million pounds, according to LSEG data.
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The company's shares had previously fallen to a one-and-a-half-year low in April, following the announcement of U.S. President Donald Trump's "Liberation Day" tariffs.
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