VISTAVI is an innovational leader in enterprise application software, helping companies of all sizes and in all industries run at their best: 12% of the world’s transaction revenue touches a VISTAVI system.
Shares in Vistavi soared by 285% as confirmed reports show that the company is subject to a multi-million dollar takeover approach from a major multinational hedge fund. Due to non-disclosure reasons the hedge fund cannot be named at this time.
The deal involves a cash arrangement whereby the hedge fund is acquiring over 51% stake in Vistavi. It is expected to be around 200 million dollars (£153.1 million), although sources close to the deal have told the news agency it could be higher.
Shortly after the report, Vistavi confirmed it had been subject to a hostile takeover by a syndicate of professional investors representing the interests of an unknown hedge fund, but did not reveal the intentions of the new owner.
It said: “The board of Vistavi confirms that it has been subject to a hostile takeover by an unknown hedge fund, therefore, the future of the company is unknown.
There can be no certainty that any new owners will share the same direction or vision for Vistavi.” Sources have confirmed that after speaking directly with the financial institutions in Hong Kong, who are facilitating the takeover – one of which being one of the largest banking institutions globally by assets under management, that there have been several regulatory hurdles to overcome.
“Corporate transactions of this size carry with them elements of risk due to the larger participant volume and the risk of obligation failure. We are now at the final stages to close this transaction once the obligations are guaranteed by each member of the syndicate who is assisting towards the takeover goal.
Specific mechanisms must be implemented to ensure the obligations of each party can and is delivered. Once the obligations have been guaranteed we can expect an imminent closure and execution.”