UK’s Craneware rejects Bain Capital’s $1.3 billion takeover proposal

British software firm Craneware said on Wednesday it has rejected a takeover proposal from U.S. private equity firm Bain Capital, stating that the 26.50 pounds-per-share proposal undervalued the company.

Bain Capital’s proposal would have valued the British company at 939.4 million pounds ($1.27 billion) on Wednesday.

Craneware’s shares were up marginally at 20.10 pounds at 0723 GMT.