Rubik gets $68m takeover offer

15/02/2017 - 14:16

Wyllie Group-backed Viburnum is set to receive a big payout when fintech Rubik Financial, in which it is a substantial shareholder, is acquired by Geneva-based banking and finance software firm Temenos for $68 million.

Rubik gets $68m takeover offer
Viburnum executive chairman Craig Coleman.

Wyllie Group-backed Viburnum is set to receive a big payout when fintech Rubik Financial, in which it is a substantial shareholder, is acquired by Geneva-based banking and finance software firm Temenos for $68 million.

Rubik told the market today it had received a 16.67 cents per share cash offer for the whole acquisition of the business by Temenos, by way of a scheme of arrangement.

The offer price is a 52 per cent premium to Rubik’s last closing price, and a 65 per cent premium to its 90-day volume-weighted average price.

Rubik’s three largest shareholders – Viburnum, LHC Capital Partners and Regal Funds Management – own a combined 44 per cent of the target’s issued capital and have signalled their intention to vote in favour of the offer.

Rubik directors have also unanimously recommended the company’s shareholders vote in favour of the deal.

“It is compelling that, if approved, the offer delivers a significant premium to Rubik’s recent share price and provides certainty of value for our shareholders,” Rubik chief executive Iain Dunstan said.

“If implemented, we believe the scheme will have a positive impact for both our existing clients and prospective clients by providing access to the significant resources of Temenos as a market leading wealth, banking and finance software specialist.”

Rubik also announced it had entered into a $5 million short-term bridging loan with Craig Coleman-chaired Viburnum, which will be used to promptly deliver recently-signed customer contracts.

Grant Thornton is acting as independent expert to Rubik on the takeover.

Rubik shares closed 45.5 per cent higher to 16 cents each.

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