Pitney Bowes closes in on £44.4m Portrait acquisition

Pitney Bowes closes in on £44.4m Portrait acquisition

Pitney Bowes is on the verge of completing its £44.4 million acquisition of Aim-listed CRM vendor Portrait Software after its offer was accepted by stockholders accounting for over 89% of shares.

The US firm's Pitney Bowes MapInfo UK subsidiary made its cash offer of 31 pence a share on 10 June, a premium of 35% on the previous day's closing price.

The firm had already received irrevocable undertakings from all of the Portrait directors and some other shareholders to accept the offer - giving it over 56% of the total shares.

As of yesterday afternoon, Pitney Bowes had received valid acceptances in respect of 89.55% of the total shares and has now extended the offer to 15 July.

Portrait, which counts Nationwide, Banco Popular and US Bank among its customers, last month reported that it swung to a full year operating profit of £1.3 million, compared to a loss of £2.8 million for the previous 12 months.

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