BT buys Tikit, figures to flog tech to law firms
Well, who's got all the money, after all?
Directors at UK legal IT services outfit Tikit are set for a £4.5m windfall after telecoms giant BT agreed to buy the company on Wednesday morning.
The cash deal valued at £64.2m was accompanied by a generous 17.5 per cent premium of 416 pence a share for Tikit. The company's closing price on Tuesday, prior to BT's announcement to the City that it would buy Tikit, stood at 354 pence per share.
The national telco said the buyout - which is subject to Tikit shareholder approval - would help BT create a deeper understanding of the needs of the legal sector.
"Tikit represents a highly complementary fit with BT Retail's existing IT strategy and strengthens our position in the provision of ICT services to legal firms in the UK," said BT retail boss Gavin Patterson. ®