24th Apr 2018 16:44
LONDON (Alliance News) - SS&C Technologies Holdings Inc said Tuesday that it "does not intend" to make an offer for Fidessa Group PLC.
SS&C said it reserves the right to set aside this decision, with the agreement of the Fidessa board, if the Temenos offer is withdrawn or lapses; if the ION offer is withdrawn or collapses; if a third party announces an attempt to buy Fidessa; or if Fidessa announces a "whitewash" or reverse takeover proposal.
Shares in Fidessa were down 1.9% Tuesday to 3,935.00 pence each.
The UK Takeover Panel said on Monday that SS&C had until May 5 to make a firm offer for Fidessa.
The announcement came after Fidessa confirmed it had accepted ION Capital UK Ltd's offer for the financial software group. ION made made a GBP38.703 proposal in cash for Fidessa.
In response, Fidessa's original suitor Temenos AG said it would not raise its own offer. SS&C had been another potential suitor for Fidessa after it made an alternative offer to Temenos's earlier in April.
Related Shares:
Fidessa Group