TOP NEWS: Fidessa Gets Two More Approaches, Both Larger Than Temenos

3rd Apr 2018 13:27

LONDON (Alliance News) - Trading platform provider Fidessa Group PLC said Tuesday it has received takeover approaches from two separate parties, both larger than the GBP1.4 billion initial offer from Temenos Group AG.

Shares in Fidessa were up 10% on Tuesday afternoon at 4,045.00 pence each, having been at 3,690.00p at midday.

Under the Temenos offer, which was first announced mid-February, Fidessa shareholders will receive 3,567.00 pence in cash per share, valuing the company at GBP1.4 billion. This represented a 37% premium to Fidessa's closing price of 2,605.00p on February 16.

In addition, Fidessa shareholders will be entitled to receive 2017's final dividend and special dividend, together amounting to 79.7p. In total, Fidessa shareholders would thus receive 3,646.70p for 2017.

However, under the first of the proposed new offers, Fidessa shareholders would get GBP38.297 per share, made up of GBP37.50 in cash plus the dividend, a 5% premium on Temenos' offer.

It did not give any details of the second possible offer, save that it is also higher than that of Temenos. Fidessa stressed there can be no certainty of a formal offer from either party.

Fidessa has thus decided to adjourn the meeting on Thursday to approve the Temenos offer to explore the possible alternatives, though the Temenos offer still stands.

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