Temenos has given up on buying Fidessa, a U.K.-based software provider. The move follows a rival bid that was substantially higher than the one the Swiss company had made.
The takeover battle for Fidessa is over – if there ever was one. Geneva-based Temenos won’t increase its bid of 1.4 billion pounds, saying that this wouldn’t be in the interest of its shareholders, according to a statement on Friday.
Buying Fidessa would have boosted sales at Temenos to more than 1 billion Swiss francs a year. Instead, Fidessa will become part of ION Investment Group of Ireland. The company shortly before the close of bidding had offered 100 million pounds more than Temenos and reached an agreement with the Fidessa board.
Temenos will instead buy back shares worth some $250 million, starting in the second quarter of 2018. Temenos will use the shares for potential future acquisitions or other unspecified corporate purposes.
