Business management software developer Pilat Media Global has accepted a 63.3m pounds takeover bid from rival SintecMedia.

Sintec is paying 95p a share for Pilat, which develops software for broadcasters and media firms around the world.

Sintec said the tie-up would enable the pair to pack a heavier punch in a rapidly evolving and competitive market, with "new players and new technologies presenting new opportunities but also difficult challenges".

The two companies said their boards believed the merger would bring several benefits for clients and staff, resulting from the considerable additional scale of the enlarged group.

Pilat's Chief Executive Avi Engel said: "Being part of a larger and privately held group is the right next step for the company."

Shares in Pilat rose 16.25p to 90p in mid-afternoon trading in London.

PW

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