Fidessa confirms SS&C and Ion Trading approaches as bidding battle heats up after £1.4bn Temenos takeover proposal
The firms at the heart of a bidding battle over Fidessa have been named by the UK financial tech firm as Ion Trading and SS&C.
The company said earlier in the week it had received fresh offers to rival a £1.4bn approach from Switzerland’s Temenos and today named the firms behind them off the back of press reports.
Temenos takeover talks were first announced in February with the board recommending shareholders accept the approach from the banking software firm.
Read more: Last-gasp bidding war erupts over Fidessa
A 5 April general meeting for investors to consider the offer was then postponed, “in order to explore in more detail the possible alternative offers”.
Fidessa said both of the new approaches were at a premium to Temenos’ bid. The offer confirmed today as Ion’s was five per cent higher with no further details provided on the second. But Fidessa did warn of “no certainty that a formal offer from either will be forthcoming or as to the terms of any such offer”.
“Fidessa will notify shareholders of the revised timetable and processes in due course,” it added in a statement.
Prior to the gatecrashing bids, John Hamer, Fidessa chairman, had said the Temenos deal would give “a very attractive and immediate return to our shareholders”.
Adding another layer of interest to the developments, activist Elliott Capital Advisors has built up a near-five per cent stake in Fidessa, disclosing the news in February.
The private equity heavyweight has previously called for higher acquisition prices, including in Anheuser-Busch InBev’s offer for rival drinks maker SAB Miller and Steinhoff’s bid for discount retailer Poundland.
Fidessa had already provided a boost to investors earlier in the year though, after revealing a seven per cent jump in profits and saying it was in line to profit from the implementation of the Mifid II regime.
Read more: This FTSE 250 firm’s shares have rocketed 20 per cent – and here’s why