Fidessa sets vote deadline for takeover bid as suitors circle

Takeover target Fidessa on Friday set the clock ticking for two firms circling the company to make a bid.

The trading software group said that shareholders would vote a recommended takeover by Swiss firm Temenos proposal by 27 April, which is the last day of a takeover window.

It comes after a vote scheduled to take place yesterday was postponed.

The rival bidders, — Ion Trading and SS&C — have yet to table firm offers but they have held talks with Fidessa.

The new date gives the Fidessa board as much time as possible to sound out the rival offers.

The Takeover Panel is still determine a “put up or shut up” deadline for SS&C and Ion Trading, when they must make an offer or walk away.

SS&C today confirmed talks with Fidessa adding its offer would likely be all in cash rather than shares.

Temenos has made a firm bid of £36.467 per share in cash and Ion has tabled an indicative bid, which is 5% higher.

Investec said: “In our view, Ion is something of a left-field potential bidder for Fidessa, although a long acquisition history means an approach is not totally surprising.

“SS&C definitely looks a left-field bidder to us.”