Teddy Sagi made a non-binding offer to acquire remaining 45.2% stake in Kape Technologies PLC (AIM : KAPE) from Pierre Lallia and others for approximately £540 million on December 9, 2022. Under the terms of the offer, the shareholders of Kape will be entitled to receive 265 pence in cash for each Kape share. On January 13, 2023, the offer price per share was extended 285 pence in cash. On April 20, 2023, the offer price per share was extended 290 pence in cash and declared it a final offer. Prior to this transaction, offeror held a 54.8% stake in Kape Technologies.

The cash consideration payable will be financed by new equity and debt financing arrangements comprising: (i) up to equivalent of £100,000,000 equity injection, (ii) a £221.23 million facility provided by the lenders party and (iii) two bridge facilities of £222.06 million and £62.14 million. Following completion of the offer, the existing employment rights, including pension rights, of the employees of Kape will be fully safeguarded in accordance with applicable law. The offeror will have a right of squeeze out upon acquisition of 90% stake in Kape. The offer is subject to recommendation of Kape Board, a minimum acceptance condition of 70%, due diligence, certain regulatory conditions, FDI Commission, third party clearance and certain further terms. As of February 28, 2023, the Independent Board is of opinion that offer materially undervalues Kape. As of March 30, 2023, the regulatory approval have been received. As of April 28, 2023, the offer has been declared unconditional in all respects. As of May 5, 2023, offeror has received acceptance in relation to, approximately 87.89% of the existing issued ordinary share capital of Kape. The offer is expected to close in the first half of 2023. The Increased and Final Offer will be closed to acceptances on May 19, 2023.

Julian Wentzel, Assaf Shlush, Andrew Owens and Alex Thomas of HSBC Bank plc acted as financial advisor and David Becker, Rob Mathews, Jeremy Edwards, Oliver Jefferies, Nick Bryans, Ben Wilkinson and James Thompson of Baker & McKenzie LLP acted as legal advisor to offeror. Simon Fine, Toby Gibbs, Mark Percy, James Thomas and Iain Sexton of Shore Capital and Yishai Fransis, Simon Lindsay, David Ibáñez and Robert Farrington of Citigroup Global Markets Limited acted as financial advisor of Kape Technologies. Julian Wentzel, Assaf Shlush, Andrew Owens, Alex Thomas, Sam McLennan and Louis Davies of HSBC acted as financial advisor to Teddy Sagi in the transaction.

Teddy Sagi completed the acquisition of remaining 45.2% stake in Kape Technologies PLC (AIM : KAPE) from Pierre Lallia and others on May 19, 2023. Upon successful completion of Tender offer, Teddy Sagi now holds approximately 98.54 per cent. of the existing issued ordinary share capital of Kape. Teddy Sagi as received acceptances in respect of over 90%, the offeror intends, in due course, to exercise its squeeze-out rights.