It’s fairly similar in IT - they wait until the company starts proving itself and the market is growing and then move in. The premium can be good - e.g. TNT was taken over recently at about double the price it was trading at but probably not what it could have achieved in another couple of years. A 30% premium is probably more normal if the company is trading at a fair price. I think Oakton and UXC achieved those. Empired’s premium was over 60%. Can’t think of any software ones off the top of my head,
The Votiro people said they were quite happy to continue driving the company if a takeover didn’t eventuate, but I definitely got the vibe that they thought a takeover would happen.
It’s fairly similar in IT - they wait until the company starts...
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