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Takeover bid defers JDV capital return

FINANCIAL technology company and takeover target JDV has deferred plans for a 21 cents per share capital return to its shareholders. Managing director Peter Horne said the decision was taken in light of the unsolicited takeover bid by Melbourne company IWL and “the fact that we are in discussions with parties interested in alternative transactions”. IWL has made cancellation of the capital return a condition of its takeover. Mr Horne said the board wanted to wait until all options were clear before deciding whether to proceed with the capital return. JDV told the Australian Stock Exchange it had also established a data room “that is actively being reviewed by third parties” and has commenced discussions with key clients – the largest of which is Westpac – about the impact of a change of ownership. It plans to release its target statement next week. In other takeover news, investment bank Credit Suisse First Boston has acquired a 6.3 per cent shareholding in grocery company Foodland Associated, which is the target of a takeover bid by Metcash. Market speculation is centering on CSFB building its stake to try and profit from the takeover rather than acting for a third party.

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