According to RTT News, a global financial newswire, the $1.73 per share offer “is at a premium of 8.6 percent” to Alterian’s at the market’s close on Thursday. After Alterian rejected SDL’s initial $1.26 per share offer, the latter came back at Alterian last month with a revised offer, Reuters reported.
Recently, Alterian has struggled to stay afloat, which gives this most recent announcement “a whiff of inevitability,” George O’Connor, an analyst at Panmure Gordon, told The Financial Times. Last month, Alterian shut its Chicago office as part of a restructuring plan that began in September.
The deal with SDL would increase SDL’s customer base, Reuters said. Alterian reportedly considers the terms of the acquisition agreement “to be fair and reasonable,” according to an SDL statement cited by Reuters.
In mid-October, Alterian announced the resignation of Michael Talbot, president and cofounder of the company. Research and development director and cofounder Timothy McCarthy also resigned, and non-executive directors Hugh McCartney and Iain Johnston stepped down from the board.
In July, the company named Heath Davies as CEO. Davies replaced David Eldridge, who resigned in April.
Representatives from SDL and Alterian were not immediately available for comment.