Arrowgrass Statement in Relation to Basware’s Announcement of the Termination of Discussions with Tradeshift
The investment funds of Arrowgrass Capital Partners LLP (“Arrowgrass”) note the announcement made by Basware Corporation (“Basware”) earlier today mentioning that discussions with Tradeshift Holdings Inc (“Tradeshift”) regarding a possible tender offer for Basware have been terminated. Arrowgrass also notes that the irrevocable undertaking that it signed with Tradeshift to accept an offer for the approximately 25% of Basware shares that it owns, were the offer to be made by 28th February 2019 at a price of at least €46.5 per Basware share, terminates today.
Basware first announced the possible tender offer by Tradeshift during November 2018. Arrowgrass entered into an irrevocable undertaking following a direct approach from Tradeshift asking for Arrowgrass’ support for its possible tender offer. On the basis of Arrowgrass’ understanding that all Basware specific matters were satisfactory and that additional time was needed by Tradeshift to secure financing, Arrowgrass extended its irrevocable undertaking to 28th February 2019 in good faith, assuming inter alia that Tradeshift’s funding for the transaction would be forthcoming within the envisaged timeframe.
Arrowgrass believes that the value of Basware will be maximised for all Basware shareholders through a combination of Basware with a strategic purchaser or the acquisition of the company by private equity. Arrowgrass will work constructively with the Board of Basware and its advisers to ensure that all strategic alternatives are actively pursued. Arrowgrass also discloses that it has now retained Arma Partners LLP (“Arma Partners”) as its financial advisor in this regard.
Arrowgrass Capital Partners is a London headquartered alternative asset manager that was founded in February 2008. Currently, Arrowgrass manages the following four funds: Arrowgrass Master Fund Ltd., Arrowgrass Equity Focus Fund Limited, Arrowgrass Customised Solutions I Limited, and Arrowgrass Inflection Fund Limited.
Arma Partners LLP (“Arma Partners”), which is authorised and regulated by the Financial Conduct Authority in the United Kingdom, is acting exclusively for Arrowgrass and for no one else in connection with the matters referred to herein. In connection with such matters, Arma Partners, its affiliates and its and their respective partners, members, officers, consultants, employees and agents will not regard any other person as their client, nor will they be responsible to anyone other than Arrowgrass for providing the protections afforded to their clients or for providing advice in connection with the matters referred to herein.
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