Darktrace, whose co-founding investor Mike Lynch is now on trial for fraud and conspiracy in the US, agreed to an offer 44% higher than its average share price over the past three months.
Announcing the deal, the company fired a Parthian shot at the under-pressure London stock market, saying its technology, described as "cutting edge" by Thoma Bravo, had been undervalued.
In a statement to investors, the Darktrace board said its "operating and financial achievements have not been reflected commensurately in its valuation, with shares trading at a significant discount to its global peer group".
The comment will fuel fears that the FTSE is haemorrhaging prestigious company listings to the US, in search of greater fundraising potential. Recent departures include the chipmaker Arm Holdings, the gambling company Flutter and the building materials business CRH.
This story is from the April 27, 2024 edition of The Guardian.
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This story is from the April 27, 2024 edition of The Guardian.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
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