A German investment group has made a £4.4m offer to buy developer Kuju.The offer by Catalis, which already owns QA company Testronic, looks set to go through, having been recommended by the Kuju boad. Irrevocable acceptances have been obtained representing approximately 54.6 per cent of the outstanding share capital.
The offer values the shares at a 50 per cent premium over the price at the close of business yesterday (16p).
Commenting on the Offer, Jonathan Newth, Kuju's CEO, said: "We are pleased that CDS has today announced its Offer for Kuju. The offer price of 25 pence per Kuju Share represents an attractive premium to the current Kuju Share price.
"Kuju is operating in a fast growing market which is consolidating and the Kuju Directors believe that there are considerable benefits to Kuju in becoming part of an enlarged, diversified organisation with greater critical mass. Catalis operates in complementary markets to Kuju and its customers and the combination of both companies will create a digital media services business of significant scale."
Robert Kaess, member of the Catalis Management Board, added:"Catalis are looking forward to working with Kuju, growing the enlarged group into a scaleable digital media business. The acquisition strengthens Catalis' position to take advantage of trends in the digital media industry."
Kuju is the UK's only remaining market-listed developer, and has teams in London, Brighton, Godalming and Sheffield.