GK Software Shares Jump After Fujitsu Launches $457 Million Takeover Offer

By Adria Calatayud

Shares in GK Software SE jumped Wednesday after Fujitsu Ltd. launched a voluntary takeover offer that values the German cloud company at 432 million ($456.9 million).

The Japanese electronics and information-technology services company said it has signed a business-combination agreement with GK under which it will offer EUR190 a share in cash, an 11% premium to GK's highest share price to date of EUR172.

At 0950 GMT, GK shares were up 30% at EUR188.20.

Fujitsu said GK's founders and major shareholders, as well as its executive and supervisory boards, support the takeover. The Japanese company has already secured 40.65% of GK's share capital through irrevocable undertakings, it said.

The acquisition of GK, which specializes in cloud services for the retail industry, will revitalize and transform Fujitsu's portfolio and help its Uvance business, the Japanese company said.

Write to Adria Calatayud at adria.calatayud@dowjones.com

(END) Dow Jones Newswires

March 01, 2023 05:09 ET (10:09 GMT)

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