Kondor AI’s acquisition attempt of Ora Technology encounters further delays.
- Initial proposal from Kondor AI aimed to acquire Ora Technology was non-binding.
- The current deal deadline has been extended to 13 December, pending approval.
- Kondor AI develops AI tools with a focus on computer vision technology.
- Ora Technology is a platform for trading carbon credits in the voluntary market.
Kondor AI’s endeavour to acquire Ora Technology, a firm listed on the Aquis exchange, has faced additional hurdles. Initially, the acquisition plan was floated as a non-binding proposal, intending to purchase the entire share capital of Ora with a share exchange ratio of 0.9988 Kondor shares per Ora share.
The process experienced delays, with the first pushback postponing the deadline to October. The deadline has now been further extended to 13 December. This extension allows more time for a definitive offer to materialise, subject to potential further requests from the takeover panel.
Founded in 2021, Kondor AI focuses on artificial intelligence, particularly computer vision. It has launched an AI assistant enabling users to upload images and videos for analysis, marketed as an aid for educational tasks among other uses.
Conversely, Ora Technology, also listed on the Aquis exchange, facilitates the trading of carbon credits, allowing firms to financially support carbon removal projects.
The acquisition’s rationale remains unclear as representatives from Kondor AI have not provided a comment. As of 18 November, the stock prices of both companies were nearly aligned at 10p for Kondor and 9.95p for Ora.
The protracted nature of this acquisition highlights the complexities inherent in corporate takeovers within specialised sectors.
