AKKA to acquire all shares in Data Respons
AKKA Technologies will offer to acquire all of the shares of Data Respons through a voluntary cash offer of NOK 48.00 per share. The Board of Directors of Data Respons has unanimously decided to recommend to accept the Offer.
The consideration offered will be NOK 48.00 per Data Respons share. The Offer Price represents a premium of approximately 20% to the closing price of Data Respons on 18 December 2019. At the time of this announcement, shareholders representing approximately 43% of the total share capital of Data Respons have already given their pre-acceptances to the Offer, subject to customary conditions. This includes pre-acceptances from each of the members of the Board of Directors and executive management holding shares in Data Respons, which represent approximately 7% of Data Respons’ issued share capital. Kenneth Ragnvaldsen, CEO of Data Respons said: “The proposed acquisition of Data Respons, by AKKA, gives our team an increased potential for development and the two companies are definitively a good strategic match. We share the same values as well as the passion for innovation as AKKA. This transaction can create value for our customers and is an outstanding opportunity to showcase the talent of our fantastic employees, which is the heart, soul and value of our company.” Mauro Ricci, Founder, Chairman and CEO of AKKA, commented: “This project is a true game changer as we will create Europe’s largest digital Industrial Internet of Thing (IIOT) powerhouse.” The combined capability will add power and expertise in digital, communication, connectivity, cloud and engineering. It will transform AKKA’s leadership in connected products for the mobility sector and IoT systems for Digital manufacturing with technologies such as IIoT, embedded JAVA, and the fast-growing Electronic Control Units (ECU) for the mobility sector. “Data Respons’ full front-end and back-end software development capabilities along with embedded software & connectivity solutions will considerably boost AKKA’s digital strategy and generate considerable commercial synergies”, Mauro Ricci concluded.