has agreed to a $1-billion takeover by IFS AB, making it the ninth out of 20 tech companies that went public during an unprecedented rush of new issues on the Toronto Stock Exchange in 2020-21 to reverse course.
The offer is a premium of 70 per cent to Copperleaf’s closing price on May 3, the last trading day before IFS, a global leader in enterprise software for field service management, made its offer, but just 18 per cent above Monday’s closing price. Copperleaf stock has been one of the top tech gainers on the TSX since it announced better-than-expected first quarter results six days after it received IFS’s bid.
IFS chair Darren Roos said in a statement: “The combination of Copperleaf and IFS creates compelling value for the complex, asset-intensive customers we serve as well as partners, investors and employees”.
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