Craneware Rejects Bain Capital's $1.3 Billion Takeover Bid

Craneware has rejected a $1.3 billion takeover proposal from Bain Capital, stating the 26.50 pounds-per-share offer undervalues the company. Bain Capital separately said it would not make an offer for Craneware. The proposed bid represented a 29.3% premium over Craneware’s closing share price on May 15. Craneware’s shares were up marginally at 20.10 pounds at 0723 GMT.

LONDON - Craneware plc (AIM:CRW) has rejected a takeover proposal from U.S. private equity firm Bain Capital Private Equity (Europe), LLP, which valued the company at £26.50 per share. The company announced its decision based on a press release statement issued Wednesday [1].

The healthcare software company’s board stated that the offer "fundamentally undervalues Craneware and its prospects." Following the rejection, Bain Capital announced it is no longer considering a possible offer for Craneware and is now bound by the restrictions set out in Rule 2.8 of the Takeover Code [1].

Craneware noted that Bain Capital’s proposal was received without the parties entering into a due diligence process. The board expressed confidence in its current strategy, stating that "continued successful delivery will create significant value for shareholders." Company officials added that the proposal was "not in the best interest of shareholders and is not consistent with the Board’s understanding of the objectives of shareholders" [1].

In its statement, Craneware suggested that its share price performance over the past 12 months does not reflect the company’s actual trading performance and improving business prospects, attributing the discrepancy to "non-Craneware specific market factors." The company reported that trading in the fiscal year ending June 30, 2025, has been strong, with continued growth in revenue and adjusted EBITDA, along with further acceleration in earnings, Annual Recurring Revenue (ARR), and Net Revenue Retention (NRR) [1].

Craneware, which provides financial and operational performance improvement solutions to the U.S. healthcare market, made this announcement based on a press release statement issued Wednesday [1].

Bain Capital separately said it would not make an offer for Craneware. The proposed bid represented a 29.3% premium over Craneware’s closing share price on May 15, the day before Bain Capital disclosed its interest. Craneware's shares were up marginally at 20.10 pounds at 0723 GMT [2, 3, 4, 5].

References:

[1] https://www.investing.com/news/company-news/craneware-rejects-bain-capitals-2650-per-share-takeover-bid-93CH-4090117
[2] https://www.marketscreener.com/quote/stock/CRANEWARE-PLC-4007384/news/UK-s-Craneware-rejects-Bain-Capital-s-1-3-billion-takeover-proposal-50211356/
[3] https://www.globalbankingandfinance.com/UK-CRANEWARE-M-A-BAIN-CAPITAL-08291c1a-c0e4-494b-b6a5-8c970fe73cb0
[4] https://uk.finance.yahoo.com/news/uks-craneware-rejects-bain-capitals-073341061.html
[5] https://www.marketwatch.com/story/bain-capital-pulls-craneware-takeover-plan-60d5c7bb
[6] https://www.investing.com/news/stock-market-news/us-private-equity-firm-bain-capital-drops-pursuit-of-craneware-93CH-4090083
[7] https://www.tradingview.com/news/reuters.com,2025:newsml_L4N3SE0FZ:0-bain-capital-says-it-will-not-an-offer-for-uk-s-craneware/