Kalibrate Technologies plc, the UK-based provider of strategy and technology services to the global fuel and convenience retail industry, has agreed a deal for it to be taken over by private equity fund, Canterbury Acquisition.

The boards of Kalibrate, and Canterbury Acquisition’s vehicle Hanover Bidco, have reached agreement on the terms of a recommended cash offer for the entire share capital of Kalibrate. Hanover is offering 85.5p for each share, which values the entire issued share capital at about £29m, and represents a premium of 50% over the closing middle market price of 57p per Kalibrate share on June 1, 2017. Hanover has already secured irrevocable undertakings in respect of approximately 40% of the issued share capital of Kalibrate. Bob Stein, chief executive officer of Kalibrate Technologies plc, said: "With continued investment in our new products of merchandise pricing/promotion and B2B/wholesale pricing we are developing additional growth opportunities with our client base."

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