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SSP agrees to takeover

Created:
23 July 2008
Written by:
Malar Velaigam

SSP Holdings has agreed to a 190p a share offer from a private equity vehicle controlled by Hellman & Friedman, valuing the software group at £161m. It has already secured acceptances from around 44 per cent of shareholders.

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H&F is a Californian private equity group that has significant investments in both software and insurance, which is the main end market for SSP products.

SSP also announced a strong set of results, with full-year pre-tax profits up 38 per cent to £8m.

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SHARE TIP UPDATE:

Any lucky investor that bought SSP at its flotation in late 2006 has almost doubled their money. This offer represents a premium of 19 per cent to the value of SSP shares before the company revealed it was in bid talks, and is 33 per cent above our tip of the year recommendation (142p, 4 January 2008). A higher offer is unlikely. Await documents.

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