White Bidco Limited, an entity indirectly owned by the Francisco Partners Funds, has announced an update on the acceptance level of its recommended cash offer for Blancco Technology Group plc. Bidco and its nominees have received valid acceptances of the offer and acquired or agreed to acquire a total of 62,397,366 Blancco Shares, representing approximately 82.41% of Blancco's existing issued share capital. Bidco intends to procure the cancellation of the admission to trading of Blancco Shares on AIM, which will significantly reduce the liquidity and marketability of the shares. Blancco shareholders who have not yet accepted the offer are urged to do so as soon as possible.
The offer for Blancco was announced on 2 August 2023, with the offer document published and sent to Blancco shareholders on 8 August 2023. The offer has been extended until 18 October 2023, and the financial terms of the offer are considered final and will not be increased. Bidco has waived down the percentage of Blancco Shares required to satisfy the acceptance condition from 90% to 75% of the voting rights normally exercisable at a general meeting of Blancco. Bidco has also waived down the acceptance condition further to 65.71% of the voting rights, which has been satisfied with the valid acceptances received.
On 17 October 2023, the Francisco Partners Funds acquired an additional 650,000 Blancco Shares at a price of 223.00p per share. As of the date of the announcement, Bidco and its nominees hold a total of 7,059,169 Blancco Shares, representing approximately 9.32% of Blancco's existing issued share capital. They are expected to hold a total of 7,731,099 Blancco Shares, representing approximately 10.21% of Blancco's existing issued share capital, when the acquisition of the outstanding shares settles on 19 October 2023.