- Unikmind now controls 76 per cent of shares in issue
- Final offer to be declared unconditional shortly
- Bidder plans to force delisting of shares
Cyber security software provider Kape Technologies’ (KAPE: 288p) days as a listed entity are numbered after majority shareholder Unikmind, a company wholly owned by Teddy Sagi, the founder of gaming software group Playtech (PTEC), garnered enough support for its final cash offer of $3.60 (290p) to force a delisting of the shares.
It’s hardly generous to value Kape on an enterprise valuation of $1.7bn, or less than 10 times the group’s cash profit in 2022 and 10.3 times forecast free cash flow for the current year, as I noted when the increased cash offer was made last week. Rival Avast was acquired by NortonLifeLock on 19 times cash profit to enterprise valuation, or almost double the multiple Kape minority shareholders are being offered.