Software company Blue Prism announced on Monday that all regulatory and antitrust conditions for its acquisition by SS&C Technologies had now been met, after the Business Secretary confirmed that no further action would be taken under the National Security and Investment Act.
The AIM-traded firm’s board had reached agreement with the directors of SS&C on the terms of a recommended cash acquisition on 1 December.
Shareholders approved the acquisition at court and general meetings earlier in 2022, as the company announced on 13 January.
The acquisition remained subject to the Secretary of State for Business confirming that no further action would be taken, or making a final order under the act which permitted the acquisition to be completed.
“Following receipt of confirmation from the Secretary of State that no further action will be taken … Blue Prism is pleased to confirm that [the relevant] condition has been satisfied, and that as a result, all conditions relating to mandatory regulatory and antitrust clearances have now been satisfied,” the company’s board said in its statement.
Completion of the acquisition remained subject to the satisfaction or waiver of the remaining conditions, including the court’s sanction of the scheme and the delivery of a copy of the court order to the Registrar of Companies.
The court hearing was expected to take place on 14 March, and as a result, the last day of dealings in, and registration of transfers of, Blue Prism shares on AIM was expected to be 15 March, with trading in Blue Prism shares on AIM to be suspended from 0730 GMT on 16 March.