(Alliance News) - Glantus Holdings PLC shares surged on Wednesday, after it confirmed that it is in discussions over its possible takeover.

Glantus is a Dublin-based provider of accounts payable automation and analytics services. Its shares more than doubled to 25.60 pence on Wednesday morning in London. Over the past 12 months, the stock is down 49%.

Glantus confirmed that it is in discussions with Accel-KKR LLC and its investee company Basware Corp in relation to a possible cash offer for its entire share capital.

It is now considered to be in an "offer period". In accordance with Irish Takeover Rules, Accel-KKR must either announce a firm intention to make an offer for the company by August 16. This deadline can be extended with the consent of the Irish Takeover Panel, at the request of the company.

"There can be no certainty that an offer will be made, nor as to the terms on which any offer will be made," Glantus added.

At the end of June, Glantus said that it has suffered a "challenging year" in 2022 as cost of sales and administrative expenses rose and revenue fell.

Revenue fell by 6.9% to EUR9.8 million from EUR10.5 million in 2021. Cost of sales rose to EUR3.3 million from EUR2.2 million and administrative expenses to EUR9.0 million from EUR5.5 million. As a result, pretax loss widened to EUR7.0 million from EUR2.3 million.

By Sophie Rose, Alliance News reporter

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