Monitise shareholder Cavendish Asset Management reiterates criticism of takeover by Fiserv
08 AUG 2017
Monitise [LON:MONI] shareholder Cavendish Asset Management has reiterated its criticism of the decision of the UK-based financial technology company’s board to accept Fiserv’s [NASDAQ:FISV] revised takeover offer, The Financial Times reported.
The newspaper quoted Cavendish’s senior investment manager Paul Mumford, who said he was disappointed that Monitise did not hold out for a higher bid than the 3.1p per share cash offered by Brookfield, Wisconsin-based rival Fiserv.
Cavendish had previously complained that an earlier recommended offer at 2.9p per share from Fiserv, which valued Monitise at GBP 70m (EUR 77.2m), was too low.
Monitise announced on Monday, 7 August that its board had unanimously recommended Fiserv's revised offer, which is worth GBP 75m (EUR 82.8m).
Mumford added, however that as as the Monitise board has recommended Fiserv’s revised offer, he does not wish to oppose the deal. Monitise had said no other potential buyers had come forward, Mumford added. The investment manager said he plans to withdraw his proxy vote against the Fiserv deal in the absence of any rival offers.
Cavendish holds 112m Monitise shares, according to the report.
Monitise’ share price closed 0.125p up at 2.960p in London on Monday, giving the company a market capitalisation of GBP 68.6m.