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Fidessa upgraded by Barclays following Temenos takeover bid

Fidessa has received a £1.4bn bid from Temenos as well as approaches from ION Investment Group and SS&C Technologies
Fidessa supplies software to the financial services sector

Fidessa Group PLC (LON:FDSA) was on Friday upgraded by Barclays following a takeover offer for the London-listed software firm from Swiss peer Temenos.

Last week Fidessa said it had been approached by ION Investment Group Ltd. and SS&C Technologies Holdings Inc about possible offers to rival a £1.4bn bid received from Temenos.

READ: Fidessa confirms takeover approaches from ION Investment and SS&C

ION Investment has proposed an offer that would see Fidessa shareholders receive £38.297 per share in cash and dividends, representing a 5% premium to the Temenos bid. 

Barclays raised its rating on the stock to ‘equal weight’ from ‘underweight’ and lifted its target price to 36.50p from 20.60p.

Shares in Fidessa were little change in late morning trade, changing hands at 4,045p. 

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