The offer, announced on 8 February 2018, values the entire issued and to be issued share capital of Escher, an Irish plc listed on the AIM market on the London Stock Exchange, at approximately £34.80 million and £35.32 million on a fully diluted basis.

Under the terms of the recommended offer, it is proposed that Hanover BidCo, wholly owned by Hanover Active Equity Fund LP, an investor in small-cap public companies and private equity situations, will acquire Escher, a world leading provider of outsourced point-of-service software for use in the worldwide postal, retail and government sectors.

It is intended that the acquisition of Escher, an AIM listed company, will be implemented by means of a takeover offer. Further details on the proposed recommended cash offer, to include the Rule 2.5 Announcement can be found on Escher’s website (www.eschergroup.com).

The Eversheds Sutherland team was led by the firm’s head of capital markets Lee Murphy and included solicitors Ryan Duggan and Timothy Ryan. Stephen Nash (Corporate Partner, UK), also assisted in the context of Escher’s AIM listing, highlighting the seamless service provided by Eversheds Sutherland across jurisdictions.

Lee Murphy, Eversheds Sutherland, comments:

“We’re delighted to have supported Escher and its board of directors in managing the potential offer process up to the stage of announcement. We look forward to continuing to work with Escher in the context of the Offer process which hopefully will lead to a positive outcome for all parties involved, particularly Escher and its shareholders.”

Liam Church, Chief Executive Officer of Escher, comments:

“Eversheds Sutherland provided valuable support and expertise in guiding the directors of Escher through the process that has brought us to the announcement of this recommended cash offer. We look forward to continuing to work with them to successfully conclude this transaction.”