April 20, 2018 / 2:28 PM / in a year

UK's Fidessa ditches Temenos' agreed deal for higher Ion offer

(Reuters) - British software firm Fidessa Group Plc FDSA.L on Friday accepted a higher offer from financial software company Ion Group Investment and ditched an agreed upon deal with Swiss banking software supplier Temenos (TEMN.S).

Ion, backed by U.S. private equity firm Carlyle, said it would pay 38.708 pounds per share for each Fidessa share, valuing the British business at about 1.5 billion pounds, higher than Temenos’ 1.4 billion pound deal.

Fidessa said on Friday it had withdrawn its recommendation of the Temenos’ offer and would adjourn a shareholder meeting scheduled for next Friday to consider Temenos’ offer.

Reporting by Rahul B in Bengaluru; Editing by Maju Samuel

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