Sage Group Launches GBP41M Tender Offer For Poland's Teta SA

23rd Jun 2010 08:07

LONDON (Dow Jones)--Sage Group PLC (SGE.LN), a supplier of business management software and services, said Wednesday it has launched a public tender offer to acquire Teta S.A. (TET.WA), based in Wroclaw, Poland, and listed on the Warsaw Stock Exchange, for an enterprise value of GBP41 million. MAIN FACTS: -The offer for each Teta share is PLZ 12.75 in cash. -Offer price represents a premium of 15% to Teta's average share price for the three months prior to May 31. -Consideration will be met out of Sage's existing debt facilities. -Teta is a provider of ERP and HR products and services to mid-market customers in Poland and Hungary. -Teta's revenue for the year ended Dec. 31, 2009 was GBP21 million and EBIT was GBP3 million. -At Dec. 31, 2009 Teta had net assets of GBP22 million. -Shares at 0705 GMT down 1.4 pence, or 0.6%, at 244.1 pence valuing the company at GBP3.21 billion. -By Ian Walker, Dow Jones Newswires; 44-20-7842-9296; [email protected] (END) Dow Jones Newswires June 23, 2010 03:07 ET (07:07 GMT)