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Tax Systems receives £85mln private equity bid approach

The technology group said it had received an expression of interest from Bowmark Capital
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Tax Systems said there was no certainty a definitive offer would be tabled

Tax Systems (LON:TAX) said it is considering an £85mln bid approach from private equity firm Bowmark Capital.

The latter has tabled a deal of 110p a share, all in cash.

On Wednesday night the shares, up from a 2019 low of 86.5pc and losed at 100.5p.

MXC Capital, which holds just over 25% of Tax Systems, has given its backing to the putative Bowmark deal.

Tax Systems in its announcement cautioned: “There can be no certainty that an offer will be made by Bowmark for Tax Systems, nor as to the terms on which any such offer may be made.”

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