PROACTIS Holdings PLC (LON:PHD), the global Spend Control and eProcurement solution provider, has today announced the result of the Tender Offer for the remaining issued share capital of Hubwoo S.A. (“Hubwoo”), details of which were announced on 18 January 2018.
In accordance with the result of the Tender Offer for Hubwoo shares published by the French Financial Markets Authority (“Autorité des Marchés Financiers”) on 12 March 2018, Perfect Commerce SA (a wholly owned subsidiary of Proactis Holdings PLC) purchased 13,037,628 Hubwoo shares representing 9.56% of the issued share capital and total voting rights of Hubwoo.
Proactis Holding PLC is now beneficially interested in 120,681,033 Hubwoo shares representing 88.51% of the total issued share capital and total voting rights of Hubwoo.
Tim Sykes, CFO commented: “The result of the Tender Offer represents an excellent outcome for the Group and is well beyond our expectations that were formed at the time of the acquisition of Perfect Commerce LLC on 4 August 2017. We look forward to continuing to work with the Hubwoo board and the remaining minority shareholders of Hubwoo.”