PSI Software has entered into a delisting agreement with majority shareholder Zest Bidco, a holding company indirectly controlled by funds managed by Warburg Pincus, setting the stage for PSI’s removal from the regulated market of the Frankfurt Stock Exchange.
Zest Bidco has announced its intention to make a public delisting acquisition offer for all outstanding PSI shares.
The offer will provide cash consideration equal to the statutory minimum price, calculated as the weighted average domestic stock exchange price of PSI shares over the preceding six months.
Shareholders will have a four-week acceptance period, and the offer will not be subject to any conditions.
PSI’s Management Board and Supervisory Board support the offer and, subject to reviewing the formal offer document and fulfilling their fiduciary duties, intend to recommend that shareholders accept it.
Subject to the same review, PSI’s Management Board intends to apply for the delisting of PSI shares from the regulated market of the Frankfurt Stock Exchange before the end of the offer acceptance period.
The company also plans to take reasonable measures to terminate trading of PSI shares on open markets and other multilateral or organized trading facilities where the relevant inclusion was initiated by PSI.
PSI trades under the stock exchange symbol PSAN and is currently listed on Frankfurt’s Prime Standard, with shares also traded across several German regional markets and Tradegate.
