Basware announced during the last couple of months of 2018 that it was in discussions with US-based supply chain payments company Tradeshift about a possible cash tender offer by Tradeshift for all shares in Basware.
According to a recent press release, Tradeshift has recently informed Basware that it will be unable to proceed given conditions in the capital markets.
Arrowgrass Capital Partners then released a note saying Arrowgrass also notes that the irrevocable undertaking that it signed with Tradeshift to accept an offer for the approximately 25% of Basware shares that it owns, were the offer to be made by 28th February 2019 at a price of at least EUR 46.5 per Basware share, terminates today. Basware has now entered into a ‘standstill agreement’ with Tradeshift until November 12, 2019.
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