BAE Systems today said its offer for financial software firm Norkom has become unconditional after it received acceptances representing about 84 per cent of Norkom's shares.
The offer will remain open for acceptance by shareholders until further notice.
In January, Norkom yesterday announced it had agreed a €217 million recommended cash offer for the business with the UK-based defence and security company.
BAE subsequently acquired 13.2 million Norkom shares, about 14.7 per cent of its stock, and Norkom's largest shareholder, Irish private equity group TVC, also supported the deal.
Norkom has been in an offer period since November 26th, when it informed the market that it had received interest from external parties.
BAE said today it would acquire compulsorily all outstanding Norkom shares under the same terms as the offer. The company is expected to delist Norkom shares from March 18th.
Norkom was founded in 1998 by Irish entrepreneur Paul Kerley. Mr Kerley is expected to get a windfall of about €13.7 million from the sale.
:quality(70)/cloudfront-eu-central-1.images.arcpublishing.com/sandbox.irishtimes/GW3FWAURWFGM7FF4RMYJLBG7ZI.png)