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ASX-listed financial software company Rubik Financial has recommended a $68 million takeover by Swiss-based technology giant Temenos, which is moving further into the Australian market.
The offer has been pitched to Rubik shareholders at $0.1667 a share. The shares were trading up 45.45 per cent to $.16 at 2:30pm AEDT on Wednesday.
"By acquiring Rubik, we will be able to provide a complete vertically integrated solution for the Australian banking market, enabling our clients to realise their digital ambitions," Temenos chief executive David Arnott said.
"The acquisition will bring us scale and allow us to accelerate our penetration and growth in the Australian market across wealth, core banking and fund administration."
The Rubik board has unanimously recommended that its shareholders vote in favour of the deal, in the absence of a superior proposal.
The deal will be funded by Temenos' existing cash and debt facilities.
Rubik CEO Iain Dunstan said that the takeover bid comes after partnering with Temenos for a number of years.
"Today's announcement represents a positive result for all Rubik stakeholders. It is compelling in that, if approved, the offer delivers a significant premium to Rubik's recent share price and provides certainty of value for our shareholders," he 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's stock was down 40 per cent for the year to December 2016. The benchmark S&P;/ASX 200 Index was up about 12 per cent over the same period.