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LONDON - Valtech KC Limited, previously known as Ken Bidco Limited, has confirmed its compliance with the post-offer intentions stated during its acquisition of Kin and Carta plc, now Kin and Carta Holdco Limited. The confirmation, which is in line with Rule 19.6(c) of the City Code on Takeovers and Mergers, follows the recommended cash offer for Kin and Carta completed on April 26, 2024.
The acquisition, structured as a scheme of arrangement under the Companies Act 2006, was initially detailed in offer documentation published in late 2023 and early 2024. Valtech has adhered to the stated intentions except where changes were necessary due to unforeseen circumstances.
Following the acquisition, Kin and Carta faced a gradual loss of business from its largest client, which underwent a transformational merger. This decline in revenue, starting in September 2024, led to the identification of a need for employee redundancies within Kin and Carta. Despite efforts to minimize the impact, 154 full-time equivalent positions were made redundant, amounting to about 10% of the workforce as of April 2024. The first departures began in September 2024, with the process extending over several months.
In total, including retirements, normal turnover, limited redundancies for synergy, and new hires, Kin and Carta experienced a net reduction of 223 full-time equivalents, which is approximately 14% of its headcount from April 2024. Valtech has stated that these reductions were carried out in a manner consistent with their previously stated intentions and in full compliance with applicable laws, ensuring the rights and terms of employment for affected employees were safeguarded.
This announcement, based on a press release statement, serves to update stakeholders on the post-acquisition changes and confirm Valtech’s compliance with the rules governing corporate takeovers.
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