ION's rescue of Patsystems confirmed

ION Group has come through for Patsystems and confirmed on the 14 pence per share approach it made to the derivatives-trading software company last month, which valued the company at c£29m (see Patsystems receives bid approach, warns again). The two have agreed the terms of the cash offer, which is approximately a 45% premium on the pre-offer share price. The rescue offer came in the wake of the collapse of Patsystems' largest customer MF Global Holdings and was wholly recommended by the board. ION has control of the majority of Patsystems shares so the deal is just about done.