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LONDON - Craneware plc (AIM:CRW) has rejected a takeover proposal from Bain Capital Private Equity (Europe), LLP that valued the company at £26.50 per share, according to a statement released Wednesday.
The healthcare software company’s board stated that the offer "fundamentally undervalues Craneware and its prospects." Following the rejection, Bain Capital announced it is no longer considering a possible offer for Craneware and is now bound by the restrictions set out in Rule 2.8 of the Takeover Code.
Craneware noted that Bain Capital’s proposal was received without the parties entering into a due diligence process.
The board expressed confidence in its current strategy, stating that "continued successful delivery will create significant value for shareholders." Company officials added that the proposal was "not in the best interest of shareholders and is not consistent with the Board’s understanding of the objectives of shareholders."
In its statement, Craneware suggested that its share price performance over the past 12 months does not reflect the company’s actual trading performance and improving business prospects, attributing the discrepancy to "non-Craneware specific market factors."
The company reported that trading in the fiscal year ending June 30, 2025, has been strong, with continued growth in revenue and adjusted EBITDA, along with further acceleration in earnings, Annual Recurring Revenue (ARR), and Net Revenue Retention (NRR).
Craneware, which provides financial and operational performance improvement solutions to the U.S. healthcare market, made this announcement based on a press release statement issued Wednesday.
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