Pattington Limited, a member of the acquisitive ION Trading Group, and FFastFill plc have announced that they have agreed the terms of a recommended 20p per share £106m cash offer, according to Reuters, with the board at the latter trading and execution specialist saying they are in full support.
Pattington already owns a minority stake in FFastFill but is now set to take overall control of the London-based firm. ION Trading’s Wall Street Systems unit has also recently brought the treasury management system (TMS) vendor IT2 and appears to be a technology ‘shopping spree’ at the moment.
In a statement, the board at FFastFill said they had given great consideration to the interests of FFastFill’s employees, shareholders and customers, during the takeover negotiations before deciding the recommend the offer.
“When we started on the FFastFill path, we set out to create the premier capital markets Software-as-a-Service (SaaS) company, starting in derivatives, and we have achieved much towards this aim with our global SaaS offering,” said Hamish Purdey, chief executive officer (CEO) of FFastFill in a statement. “The Board has decided to support Pattington’s offer for two core reasons – one to further this strategic objective and two the significant value Pattington has ascribed to FFastFill today.”
Purdey and his colleague Keith Todd, the chairman of FFastFill, went on to say that the board is now looking ahead “to the next chapter when we accelerate our growth path and drive forward our vision in this space. The offer has come at a time where we are strong, both in people and in technology. We reported strong interim results in November 2012 and have made significant progress this year. The product set is the strongest it has ever been and we continue to win new business mandates in all geographies and across all product lines”.
FFastFill maintains that throughout the takeover process, which is subject to the usual regulatory approvals and not expected to clear until the end of the quarter at best, the trading and execution/order routing specialist will continue to operate as usual.