(Bloomberg) -- At least one top 10 shareholder in automation software firm Blue Prism Group Plc isn’t happy with the price the company was offered by Vista Equity Partners.

David Brown, portfolio manager at Hawk Ridge Capital Management, said in an interview he is supportive of the company being sold, but not at the 1,125 pence a share price.

“It is a very low price based on our analysis of comparable companies and transactions,” Brown said.

He added, “We think the company is going to realize greater value with a different owner but we are very skeptical that the recommended price represents full value.”

Brown said his firm is still evaluating the offer but is unlikely to support the transaction.

A representative for Blue Prism wasn’t immediately available for comment. 

Hawk Ridge said it’s been an investor in Blue Prism for more than two years. 

Hawk Ridge, based in Los Angeles, owns about 3.5% of Blue Prism shares making it the 10th largest shareholder, data compiled by Bloomberg show.

Blue Prism recommended Vista’s bid of 1,125 pence a share on Tuesday. Its shares closed at 1,142 a share in London, indicating investors might be expecting a higher bid. 

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