The offer by CEO Rami Cassis for AIM-listed software and BPO provider for the financial services sector, Parseq, is now on the table, and it’s 20% higher than that mooted last month (see Parseq confirms MBO approach). Cassis and his co-investors (Nova Capital and Harbourvest) have now offered 9p a share cash, which was accepted by the independent directors. The offer values Parseq at £34m, almost double the pre-talks price. Cassis already owned over 35% of Parseq’s shares which, with those committed by the independent directors, gives him control of around 44% of the stock.
It’s not yet clear (well, not to me anyway) what Cassis’ grand plan will be, assuming he gains control. The marriage between Parseq’s predecessor businesses (Intelligent Environments and Documetric) in July last year (see Intelligent Environments – end of an era) has turned out to be yet another classic example of how putting together two under-performing businesses does not necessarily make a performing one. I’d guess a separation of the ways is the likely approach, with a view to selling the two units off to established players in their respective markets. But there’s much work to do on the profitability of both units (see Parseq moves into half-time loss) if Cassis and his co-investors are to see any sort of decent return on the deal.