CyanConnode confirms £35m takeover approach from Esyasoft

(Sharecast News) - AIM-listed smart metering specialist CyanConnode confirmed on Tuesday that it has received an indicative non-binding takeover approach from Esyasoft that values the group at £35m, or 9.75p a share. In a very brief statement, CyanConnode said there can be no certainty that an offer will be made nor as to the terms of any such offer.

"The CyanConnode board is evaluating the proposal, together with its advisers, and will make a further announcement(s) in due course as and when appropriate," it said, adding that shareholders are advised to take no action.

Under UK takeover rules, UAE-based smart grid technology firm Esyasoft has until 1700 GMT on 3 March to either announce a firm intention to make an offer or walk away.

At 1340 GMT, the shares were up 30% at 9.40p.