Missed Connection: No Due Diligence, No Deal
Adding to the intrigue, Craneware noted that Bain’s offer was unsolicited and made without the benefit of due diligence, suggesting there was minimal engagement between the two sides. The lack of deeper discussions or financial exploration may have sealed the fate of the transaction before it truly began.
Craneware’s investment banking adviser on the matter is Peel Hunt LLP, though Bain’s legal and financial representatives remain unidentified as of press time.
Market Reaction and Company Performance
On Wednesday, Craneware’s shares dipped slightly by 0.75%, capping a day of muted investor response. Although the company saw a brief stock surge in mid-May following Bain’s initial interest, its shares are still down approximately 17% over the past year.
Craneware addressed this downturn directly, suggesting that the slump reflects broader market turbulence rather than weaknesses in its core operations.
“The board believes the company’s share price performance over the last 12 months is not reflective of the company’s trading performance,” Craneware said, highlighting “strong trading so far this year”, with growth in revenue, adjusted EBITDA, and other key financial indicators.
