Fidessa names rival acquisition bidders

Fidessa confirms rival bidders ION Investment Group and SS&C Technologies without their consent.

Fidessa has announced the two companies that made last-minute bids to acquire it were ION Investment Group and SS&C Technologies.

The confirmation follows news earlier this week that Fidessa had been approached by two separate companies with higher bids than the £1.4 billion deal first offered by software vendor Temenos in February.

Temenos initially offered Fidessa’s shareholders £35.67 in cash per share, although one of the two separate bidders is considering an offer of £38.29 per share representing a 5% premium on the Temenos offer.

Fidessa confirmed the higher offer it received was in fact from ION Investment Group, but it added: “This announcement has been made without the consent of ION and SS&C.”

The Scheme Court Meeting and General Meeting to approve the Temenos offer, due to take place on 5 April, was adjourned as Fidessa mulls the counteroffers.

The firm reiterated the delay of the meeting is not an indication that the Temenos offer has been suspended or declined. Fidessa’s shareholders will be notified of the revised timetable for the rescheduled meeting in due course, it said.