Rival suitors named for takeover target Fidessa
Shares in Fidessa have rocketed by 76% since it accepted the Temenos offer in February.
Trading software firm Fidessa has revealed the rival suitors looking to gatecrash Temenos Group’s £1.4 billion takeover approach.
The group has moved to demystify media speculation by naming ION Investment Group and SS&C Technologies Holdings as the two companies eyeing swoops.
ION, which provides automation software to financial firms and authorities, is looking to trump Temenos by offering £38.297 per share – a 5% premium on the Swiss firm’s bid.
No proposed terms had been put forward by SS&C, but Fidessa previously stated that its offer was higher than what Temenos has put on the table.
Shares in Fidessa have rocketed by 76% since it accepted the Temenos approach in February of £35.67 in cash per share and a special dividend.
The move represents a 37% premium of its closing share price of 2,605p on February 16.
Fidessa was up just under 1% in morning trading on the London Stock Exchange.
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The emerging takeover tussle follows a flurry of deal activity in the financial trading space.
UK-based Nex Group announced at the end of last month that it has agreed to a £3.9 billion takeover by US futures exchange giant CME.
Nex – which employs around 2,000 staff worldwide – will see its London headquarters merged with CME’s, which is based in Chicago, although the firms said their European HQ will be based in London in a boost to the City amid Brexit talks.
Meanwhile, Thomson Reuters is in advanced talks to offload a stake in its financial and risk (F&R) business to US private equity outfit Blackstone Group.