ION updates on planned acquisition of Fidessa

Maria Nikolova

As at 3.00 p.m. on August 1, 2018, ION Bidco had received valid acceptances in respect of approximately 90.2% of Fidessa’s ordinary share capital.

About a week after the UK Financial Conduct Authority (FCA) decided to approve the proposed acquisition of Fidessa Group plc (LON:FDSA) by ION Bidco, an indirect wholly owned subsidiary of ION Investment Group Limited, an update has been published on ION Bidco’s offer and levels of acceptance.

As at 3.00 p.m. on August 1, 2018, ION Bidco had received valid acceptances in respect of a total of 34,979,787 Fidessa Shares representing, in aggregate, approximately 90.2% of Fidessa’s ordinary share capital in issue on August 1, 2018.

ION Bidco has now received valid acceptances under the Offer in respect of, and/or otherwise acquired, 90% or more of the Fidessa Shares by nominal value and voting rights attaching to such shares to which the Offer relates. ION Bidco therefore plans to exercise its rights to acquire compulsorily the remaining Fidessa Shares in respect of which the Offer has not been accepted on the same terms as the Offer. Notices will be sent to non-assenting Fidessa Shareholders informing them of the compulsory acquisition of their Fidessa Shares once the Offer becomes wholly unconditional.

Completion of the Offer remains subject to other outstanding conditions including the receipt of antitrust clearance from the UK Competition and Markets Authority (CMA). In June this year, the CMA invited comments on the proposed deal. The deadline for submissions (July 2nd) has passed and the decision is expected on August 13, 2018.

ION Bidco announces that the Offer, which remains subject to the terms and conditions set out in the Offer Document, will remain open for acceptances until further notice, and not less than 14 days’ notice will be given in respect of the closure of the Offer. Fidessa Shareholders who have not yet accepted the Offer are urged to accept the Offer as soon as possible.

Let’s recall that, under the terms of the offer, Fidessa Shareholders will be entitled to receive £38.703 in cash for each Fidessa Share. This values the entire issued and to be issued share capital of Fidessa at approximately £1.5 billion on the basis of a fully diluted share capital of 39,133,650 Fidessa Shares.

In addition, qualifying Fidessa shareholders will be entitled to receive and retain a final dividend and a special dividend in respect of the year ended December 31, 2017 together amounting to 79.7 pence in aggregate per Fidessa Share. In aggregate, Qualifying Fidessa Shareholders will receive £39.50 for each Fidessa Share, comprising the cash consideration and the Dividend.

Read this next

Digital Assets

Coinbase CEO says Chase UK’s ban on crypto “totally inappropriate”

Coinbase CEO Brian Armstrong criticized Chase UK’s decision to restrict cryptocurrency-related transactions in the UK. He called the move “totally inappropriate” and expressed his disagreement with the bank’s decision to ban its UK customers from conducting debit card or wire transfers related to cryptocurrencies.

Digital Assets

Binance CZ refutes any connection with CommEX

Changpeng “CZ” Zhao, the founder and CEO of Binance, has denied being the owner of CommEX, the company that reportedly acquired Binance’s business in Russia.

Institutional FX

Refinitiv’s spot FX volumes hit 8-month low

Refinitiv, the former Financial and Risk business of Thomson Reuters, today reported that the average daily volumes (ADV) of currency trading were $424 billion last month on the company’s main FX trading services.

Executive Moves

Integral hires industry veteran Paul Arnold as liquidity manager

Integral, a technology provider to the financial markets’ buy-side, has appointed Paul Arnold, a highly experienced FX industry professional, as its liquidity manager, according to information made public on his Linkedin profile.

Digital Assets

Terraform’s Do Kwon challenges US extradition request

Do Kwon, the crypto entrepreneur and former CEO of Terraform Labs, is opposing the U.S. Securities Exchange Commission’s request to question him about the crash of his company’s stablecoins Terra and Luna.

Digital Assets

Coinbase gets nod to offer futures for retail customers

Coinbase International Exchange has received regulatory approval from Bermuda’s financial regulator, the Bermuda Monetary Authority (BMA), to allow eligible non-US retail customers to trade perpetual futures contracts.

Inside View

How brokers can win the trading tech wars: Insights from iFX EXPO 2023

Last week’s iFX EXPO International 2023, held at the City of Dreams Mediterranean Integrated Resort in Limassol, Cyprus, welcomed a series of insightful discussions. A panel that particularly stood out focused on the role and evolution of trading technology.

Crypto Insider

Web3 Transformation: Radix’s Babylon Update Redefines User and Developer Engagement

Radix Publishing leaps forward in the decentralized world with the release of the Babylon mainnet upgrade, bridging the gap between innovative tech and user-friendly DeFi experiences.

Digital Assets Joins Forces with PayPal and Paxos for Enhanced PYUSD Exchange Experience collaborates with PayPal and Paxos to fortify its position as the premier exchange for PYUSD, marking a significant milestone in the global crypto landscape.