EU Supply is recommending a bid by Mercell Holding AS.
The 18.25p a share offer, values the software company at £13.1m. EU Supply joined AIM in November 2013 when it raised £5m at 22.6p a share.
Mercell believes that there will be cross-selling opportunities and be one of the main e-tendering software companies in Europe. EU Supply believes it is better off as part of a larger group.
Mercell is focused on the Nordic and Baltic regions and EU Supply will help it to grow in the rest of Europe. There should also be cost savings from integrating the businesses.
SaaS-based software provider Mercell was founded in 1999 and in 2018 Viking Venture became an investor.
© 2020 Aim Micro. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.