essensys plc (LON: ESYS), a provider of software and technology to the flexible workspace industry, witnessed its shares fall over 8% today following the announcement of a recommended cash offer by essensys Bidco Limited (Bidco), a newly incorporated company backed by Mark Furness and members of the Concert Party.
The offer values essensys at approximately £11.3 million.
The Cash Offer stands at 17 pence per essensys share. This represents a 9.7% premium to the closing price on November 27, 2025, before the offer period began. It also marks an 11.3% premium over the one-month volume-weighted average price and a smaller 2.8% premium compared to the three-month average up to February 23, 2026.
As an alternative to the cash offer, shareholders can elect to receive one New Bidco Share for each essensys share held.
These New Bidco Shares will be issued within 14 days of the deal completion but do not carry voting rights. The independent directors of essensys are not making a recommendation regarding this alternative offer.
The offer is conditional upon Bidco acquiring or contracting to acquire 90% of essensys shares to which the offer relates, although Bidco may reduce this to no less than 50%.
Several shareholders, including Jon Lee, an essensys Independent Director, have irrevocably undertaken to accept the cash offer. Lee's holding represents approximately 0.20% of essensys's share capital.
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