Fidessa suitors handed final deadline for offers

The UK Takeover panel sets 20 April deadline for both SS&C Technologies and ION Investment Group to make firm offers for Fidessa.

Fidessa counterbidders SS&C Technologies and ION Investment Group have been given a 10 day deadline to make a firm offer for the trading technology vendor.

The UK Takeover Panel has asserted that by 5.00pm on 20 April, both SS&C and ION must announce a firm intention to make an offer or confirm that it does not intend to make an offer.

The mergers and acquisitions regulator added the deadline will cease to apply if a company other than Temenos, which was the first to make an offer for Fidessa, announces intentions to make a bid for the firm.

Fidessa had been approached by SS&C Technologies and ION Investment Group with higher offers than what Temenos initially offered in February. It named the both mystery bidders without their consent.

Temenos initially offered Fidessa’s shareholders £35.67 in cash per share, although it added that ION is considering an offer of £38.29 per share representing a 5% premium on the Temenos offer.

“Discussions with the third parties are ongoing and there can be no certainty that a formal offer from either will be forthcoming or as to the terms of any such offer,” Fidessa said in a statement earlier this month.

The company’s Scheme Court Meeting and General Meeting to approve the Temenos offer on 5 April was adjourned and will instead take place on 27 April.