Degroof Petercam – IMAP France advises Phast Invest on its public takeover bid of Prodware

IMAP is pleased to announce that Degroof Petercam – IMAP France acted as the financial advisor and presenting bank for Phast Invest’s public takeover bid of Prodware.

Prodware is a specialist in the editing and integration of software. The company is a well renowned global partner when it comes to integrating Microsoft solutions. In 2021, the company generated a turnover of €165.5 million and as of December 30 last year, had 1,350 employees in 15 countries, serving over 15,000 clients.

Prior to the launch of the public offer, Phast Invest held 18.9% of Prodware’s capital and 38.5% in concert with several managers. The takeover bid targeted all the capital not yet owned by the concerted group, i.e., 4,464,688 shares, representing circa €39 million.

The offer price was set at €8.80 per share, representing a premium of 66%over the last closing price (October 19, 2021) and 75.7% over the volume-weighted average price over the 20 trading days preceding the announcement of the offer. At the end of the offer period and following the mandatory reopening of the offer, the concerted group increased its stake to 92.8% of Prodware's capital.

The Degroof Petercam team, led by Cyril Kammoun and Freddy Moland, acted as the presenting bank and adviser to the shareholders.