P2 Energy Solutions is planning to acquire Sydney, Australia-based ISS Group, in a $45 million cash transaction. ISS develops software for oil and gas and mining—notably its BabelFish data integration and analysis platform. The offer price represents a 50% premium to the ISS share price before the announcement.
ISS commissioned an evaluation of the terms of the bid from independent expert RSM Bird Cameron which has determined the offer to be in the best interests of shareholders representing, in its analysis, a premium to the assessed fair value of ISS Share of ‘between 17.9 and and 37.5%.’
ISS Chairman Evan Cross said, ‘The board believes that the cash offer from P2 represents a good opportunity for shareholders to realise value and secure an attractive premium in an uncertain market environment.’ The company’s key management has entered into new employment agreements on terms satisfactory to P2ES. Steinepreis Paganin is acting as legal adviser to ISS. BabelFish users include Chevron, BHP Billiton, Woodside, Santos, Rio Tinto, Shell, BG Group, BP, Hess Corporation, Maersk, Petronas and PTTEP. More from ISS and P2ES.
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