Shares in CyanConnode Holdings jumped 28% to 9.25 pence in early afternoon trading following the announcement, bringing the company’s year-to-date gains to approximately 35%. The proposal from the UAE-based technology firm values each share at 9.75 pence, representing a 34% premium over the stock's closing price of 7.25 pence on Monday.

Terms of the Proposal

The board of the Cambridge-based IoT provider is currently evaluating the non-binding offer. While the proposal marks a significant valuation milestone, the company cautioned that there is no certainty a firm offer will materialize. Shareholders have been advised to take no action while the board conducts its review.

Under the rules of the U.K. Takeover Panel, Esyasoft Holding now faces a deadline to formalize its intent. The firm has until March 3 to either announce a firm intention to make an offer or walk away from the transaction. CyanConnode stated it would make further announcements as the situation develops.

The company remains a key player in high-growth infrastructure technology, specializing in:

• Narrowband radio frequency mesh networks.
• Omnimesh smart metering solutions.
• Internet of Things (IoT) communication platforms.