April 23, 2018 / 1:34 PM / a month ago

SS&C set May 4 deadline to gatecrash 1.5 billion-pound Fidessa deal

LONDON (Reuters) - U.S. financial software company SS&C Technologies (SSNC.O) has been given until May 4 to gategrash a 1.5 billion-pound takeover of Fidessa (FDSA.L) or walk away from the British firm, the UK’s Takeover Panel said on Monday.

Fidessa, a provider of trading systems to financial companies, said on April 5 that it had received bid approaches from both SS&C and Ion. It then agreed to a takeover by Ion on April 20, ditching a Feb. 21 deal to sell itself to Swiss banking software firm Temenos (TEMN.S) in the process.

SS&C now has until 5pm (1600 GMT) on May 4 to make firm offer for Fidessa, the Panel said. Temenos has already ruled itself out of making a new offer for the London-listed business.

    Reporting by Ben Martin, editing by Louies Heavens

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