HSN -9.24%: the software company struggled today after BGH walked from takeover talks. The private equity group had offered $6.50/sh for the utility billing software business in early June, which was a 25% premium to the prior close. The deal has fallen through following 3 months of due diligence, though the bidder did not cite a reason as to why a binding offer didn’t come through. Hansen recently posted a strong FY21 result and have today maintained the FY25 target of $500m revenue. It looks cheap here, on less than 15x forecast EV/EBITDA, though I suspect there may be some wash out to come following this deal falling through.
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