Shares in CyanConnode have leapt 19% today after the Cambridge company confirmed a £35 million takeover approach.
The IoT communication and smart metering solutions provider said Dubai-based Esyasoft Holding Ltd was considering an all-cash offer.
Shares in the company are now up 22% in the year to date.
Last year former non-executive director Björn Lindblom took on the role of non-executive chairman, whilst executive chairman John Cronin stepped up to group CEO.
That news followed a £70m contract award to deploy around 750,000 smart meters.
After CyanConnode announced the approach – made without the consent of Esyasoft – an ‘Offer Period’ has now commenced.