April 20, 2018 / 2:15 PM / 6 months ago

BRIEF-Ion Capital Says Agreed With Fidessa On Offer

April 20 (Reuters) - ION CAPITAL UK LTD:

* RECOMMENDED CASH OFFER FOR FIDESSA GROUP PLC

* BOARDS OF ION AND FIDESSA ARE PLEASED TO ANNOUNCE THAT THEY HAVE REACHED AN AGREEMENT ON TERMS OF A RECOMMENDED ALL CASH OFFER

* DEAL FOR APPROXIMATELY £1.5 BILLION

* OFFER IMPLIES AN ENTERPRISE VALUE MULTIPLE OF APPROXIMATELY 4.7X FIDESSA’S RECURRING REVENUE AND 25.9X CASH EBITDA FY ENDED DEC 31

* QUALIFYING FIDESSA SHAREHOLDERS WILL RECEIVE £39.50 FOR EACH FIDESSA SHARE, COMPRISING CASH CONSIDERATION AND DIVIDEND

* ION CAPITAL UK LTD - FIDESSA DIRECTORS INTEND TO RECOMMEND UNANIMOUSLY THAT FIDESSA SHAREHOLDERS ACCEPT, OR PROCURE ACCEPTANCE OF, OFFER

* FIDESSA HAS WITHDRAWN ITS RECOMMENDATION OF TEMENOS OFFER AND PROPOSES TO ADJOURN FIDESSA SHAREHOLDER MEETINGS CONVENED FOR 27 APRIL

* ION BIDCO HAS RECEIVED SUPPORT FOR OFFER FROM FIDESSA SHAREHOLDERS REPRESENTING ABOUT 25.1 PER CENT. OF FIDESSA’S SHARE CAPITAL

* FIDESSA BOARD, WHICH HAS BEEN SO ADVISED BY ROTHSCHILD AS TO FINANCIAL TERMS OF OFFER, CONSIDERS TERMS OF OFFER TO BE “FAIR AND REASONABLE” Source text for Eikon: Further company coverage: (Reuters.Briefs@thomsonreuters.com)

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