And so the bidding war begins – or perhaps ends. Palo Alto-based private equity firm Symphony Technology Group has tossed its hat into the ring to buy Guildford-headquartered supply chain and e-commerce software firm Kewill, pulling the rug from under the feet of Francisco Partners a day before its offer was to be sanctioned (see Kewill to leave its heart in Francisco). Symphony is offering 106p a share, 10p over Francisco’s offer, valuing Kewill at £100m. The Kewill board jumped at the offer and has withdrawn its prior recommendation to accept the Francisco bid in favour of Symphony’s. Whichever, it looks like Kewill’s future lies across the pond.
PS For those thinking this might spur a counterbid for Logica, let’s consider the similarities between a £100m private equity bid for a market-focused software company and a £2b trade bid for a diversified services company. Answers on postcards only, please, to the usual address.