Kondor AI set to acquire Ora Technology after shareholder nod

LONDON - Kondor AI PLC has announced the impending closure of its all-share offer to acquire Ora Technology PLC, with the offer set to conclude at 1:00 p.m. London time on May 12, 2025. This follows Kondor’s declaration on April 16, 2025, that the offer was unconditional.

The takeover, which began with an agreement between both companies’ boards on March 21, 2025, has seen significant shareholder acceptance. As of 6:00 p.m. on April 25, 2025, approximately 92.54% of Ora’s existing issued share capital had been validly tendered in acceptance of the offer. This figure includes a substantial portion of shares from individuals acting in concert with Kondor, including 12,000,000 shares from Toro Consulting Ltd and 10,000,000 shares from Brian Stockbridge.

Kondor confirmed it will soon exercise its right to implement a compulsory acquisition procedure to acquire the remaining Ora shares. This step is a standard legal process under the UK Companies Act 2006, allowing a bidder who has acquired 90% of the target company’s shares to compulsorily buy out the remaining shareholders.

Ora shareholders who have not yet accepted the offer have been urged to do so before the May 12 deadline. The procedure for acceptance varies depending on whether the shares are in certificated or uncertificated form, with detailed instructions provided in the Offer Document.

The success of the offer and the subsequent compulsory acquisition will result in Kondor AI acquiring full control over Ora Technology, effectively consolidating its position in the market. The transaction is expected to be settled within 14 calendar days following the receipt of further acceptances, provided they are complete in all respects.

This strategic move comes as part of Kondor AI’s expansion efforts and highlights the ongoing consolidation within the technology sector. Ora shareholders are advised to review the Offer Document for specific instructions on accepting the offer and to act promptly to ensure they receive the consideration due to them.

The information in this article is based on a press release statement.

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