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LONDON - Kondor AI PLC, a leading artificial intelligence company, has announced substantial progress in its all-share offer to acquire Ora Technology PLC. As of 6:00 p.m. on Thursday, Kondor has secured approximately 86.33% of Ora’s existing issued share capital, surpassing the 50% threshold initially aimed for in the takeover bid.
The acquisition, which was first agreed upon by both companies’ boards on March 21, 2025, is being executed through a takeover offer outlined by the Companies Act 2006. On April 16, 2025, Kondor declared the offer unconditional, indicating that it had met the necessary conditions for the acquisition to proceed.
The latest figures indicate that valid acceptances have been received for 180,750,092 Ora shares. This includes 12,000,000 shares, or 5.72% of Ora’s share capital, which were subject to irrevocable undertakings from Kondor directors, and a similar percentage from persons acting in concert with Kondor.
Kondor’s offer included an exchange ratio where Ora shareholders would receive 0.9848 Kondor shares for every Ora share they held. The offer document, available on Ora’s website, provides full terms and procedures for acceptance.
Ora shareholders who have yet to accept the offer are urged to do so promptly. The procedure for acceptance varies depending on whether the shares are in certificated or uncertificated form, with detailed instructions provided in the offer document.
Settlement of the consideration for the offer is promised within 14 calendar days following the receipt of further acceptances, as long as the offer remains open and the acceptance is complete in all respects.
The announcement also disclosed the interests in securities held by persons acting in concert with Kondor as of April 24, 2025, including shares and warrants held by Toro Consulting Ltd and First Sentinel Corporate Finance.
This significant acceptance level marks a pivotal step in the acquisition process, demonstrating strong shareholder support for the takeover. The information in this article is based on a press release statement from Kondor AI PLC.
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