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LONDON - In a significant development in the tech sector, Kondor AI PLC has announced that it has received valid acceptances for its takeover offer of Ora Technology PLC amounting to approximately 86.33% of Ora’s issued share capital. This update comes after Kondor’s declaration on April 16, 2025, that the offer was unconditional.
As of 6:00 p.m. on Sunday, Kondor AI had secured valid acceptances for 180,750,092 Ora shares. This figure includes 12 million shares, representing roughly 5.72% of Ora’s capital, which had been subject to irrevocable undertakings from Kondor’s directors. Additionally, the same percentage of shares was accepted from individuals acting in concert with Kondor.
Kondor AI’s move to acquire Ora Technology is part of a strategic initiative to expand its footprint in the technology industry. The acquisition process, which is being conducted via a takeover offer, involves the issuance of 206,680,050 Consideration Shares. Ora shareholders are set to receive 0.9848 Kondor shares for each Ora share they hold.
The transaction is based on the terms outlined in the Offer Document, which was made available to Ora shareholders on March 21, 2025. The document detailed the full terms of the offer and the procedure for its acceptance.
Shareholders of Ora Technology who have yet to accept the takeover offer are urged to do so promptly. For certificated shares, the Form of Acceptance must be completed and returned along with relevant documents. Holders of uncertificated shares should make their acceptance electronically through CREST.
The settlement of the consideration for the offer is promised within 14 calendar days of the receipt of further acceptances, provided they are complete in all respects. This announcement, based on a press release statement, underscores the progression of Kondor AI’s bid to consolidate its position in the market by acquiring a majority stake in Ora Technology.
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