Billionaire Sagi Raises Offer for UK Software Company Kape

4/19/2023 12:00:00 PM

19 Apr

Billionaire Sagi Raises Offer for UK Software Company Kape

Billionaire Teddy Sagi has raised his offer for UK software company Kape Technologies Plc to $3.60 per share in cash. 

The offer, equivalent to about 290 pence per share, is final and values Kape’s equity at about $1.58 billion, Sagi’s investment firm, Unikmind, said in a statement on Thursday. Sagi’s previous offer was $3.44 per share.

Unikmind and its affiliates have acquired or received commitments for 67.15% of Kape shares, meaning the company needs shareholders representing another 2.85% of the stock to tender before the deal can be finalized, it said.

Sagi, who already had control of most of Kape’s shares when he announced the last offer in February, said that he wants to delist the software company from London’s AIM exchange and help it grow “away from the scrutiny and constraint of the public markets.” Sagi is the founder of online gaming software company Playtech Plc, and Unikmind is incorporated in the Isle of Man for the sole purpose of holding his stake in Kape, which sells privacy and security software. 

Kape shares rose 2.50 pence to 287.50 pence at 7:30 a.m. in London on Thursday. The stock had gained 4.5% this year.