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Bain Capital lining up $1.5 bln Micro Focus bid-FT
LONDON, April 28 |
LONDON, April 28 (Reuters) - Bain Capital is preparing a bid worth up to 890 million pounds ($1.5 billion) for British IT firm Micro Focus Intl (MCRO.L), the Financial Times reported on its website on Thursday, citing a person close to Bain. Micro Focus, which updates mainframe computer applications, said on Tuesday it had received an approach. [ID:nLDE73P0WB]
The Financial Times said U.S. private equity firm Bain was thought to be preparing a bid worth 425-450 pence a share.
Shares in Micro Focus had lost more than a third of their value in the last 12-months, leaving it susceptible to a bid according to analysts, after it twice warned on profits and its chief executive Nigel Clifford left after less than a year in the job.
The shares were trading 3.7 percent higher at 371.8 pence at 1457 GMT, valuing the company at about 735 million pounds ($1.2 billion).
Bain declined to comment on the report while Micro Focus was not immediately available for comment.
(Reporting by Paul Sandle and Simon Meads; Editing by Matt Scuffham)
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