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Fidessa favours Ion in bidding war

Fidessa favours Ion in bidding war

Nearly two months after Fidessa (FDSA) agreed the terms of its £1.4bn takeover by Swiss group Temenos (SW:TEMN), the sought-after software company has defected to a rival suitor. To re-cap, Fidessa recommended Temenos’s acquisition on 21 February, scheduling a shareholder meeting for 5 April to approve the deal. At the eleventh hour, two other potential bidders – Ireland-based Ion Investment Group and US-based SS&C – came forward. The Temenos vote was duly postponed to 27 April, to allow for these rival bids to be firmed up.

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