25 August 2016
Find out more

London Bridge accepts Fair Isaac bid approach

26 April 2004  |  8636 views  |  0 stock exchange

Credit scoring firm Fair Isaac UK is set to acquire debt management software house London Bridge for approximately £166.2 million.

The unsolicited bid values each London Bridge share at 95 pence, a generous 54% premium over Friday's closing price of 61.5 pence, but well down on the firm's £64 per share dotcom bubble valuation. Fair Isaac says the offer has been irrevocably accepted by London Bridge founder and chairman Gordon Crawford and fellow directors who own 46.2% of the firm's share capital.

Operating profit at London Bridge nudged above break-even to £329,000 for the year-ended 31 December 2003, against losses of £48.3 million in 2002, including £35.9m in goodwill impairment from headcount reductions and consolidation of US operations.

Crawford will continue to work with the enlarged group through a consultancy arrangement for a period of 12 months. Jon Lee and Gordon Stuart, London Bridge CEO and group finance director will stay in their current roles.

Crawford says Fair Isaac is not only gaining a strong platform to develop its UK and European business but also to reinforce its position in the US.

"Customers of both companies will have access to a broader range of products and services across the entire origination through to collections and recoveries cycle," he says.

Commenting on the offer, Tom Grudnowski, CEO of Fair Isaac, says: "The acquisition of London Bridge fits clearly within Fair Isaac's strategy of adding other mission-critical vertical applications to its existing portfolio of analytics applications and decision management solutions. Our businesses are highly complementary and we expect the acquisition of London Bridge to create benefits for both companies' customers and employees."

Once the offer is declared unconditional, London Bridge will delist from the London Stock Exchange and be re-registered as a private company.

Comments: (0)

Comment on this story (membership required)

Finextra news in your inbox

For Finextra's free daily newsletter, breaking news flashes and weekly jobs board: sign up now

Related stories

Akbank deploys Fair Isaac customer management products

Akbank deploys Fair Isaac customer management products

24 February 2004  |  4402 views  |  0 comments
Recurring revenues push London Bridge back into black

Recurring revenues push London Bridge back into black

12 February 2004  |  2375 views  |  0 comments
London Bridge reports pick-up in demand

London Bridge reports pick-up in demand

16 January 2004  |  2532 views  |  0 comments
Visa EU releases fraud detection system

Visa EU releases fraud detection system

08 January 2004  |  9243 views  |  0 comments
Republic Bank live with London Bridge software

Republic Bank live with London Bridge software

18 November 2003  |  2776 views  |  0 comments
Deutsche Bank implements Fair Issac decision support system

Deutsche Bank implements Fair Issac decision support system

28 August 2003  |  4440 views  |  0 comments
Cost controls keep London Bridge in trim

Cost controls keep London Bridge in trim

07 August 2003  |  2488 views  |  0 comments
Co-operative Bank selects Fair Isaac decision support application

Co-operative Bank selects Fair Isaac decision support application

06 August 2003  |  3114 views  |  0 comments
London Bridge and Global Bank of Commerce establish Caribbean ASP

London Bridge and Global Bank of Commerce establish Caribbean ASP

06 August 2003  |  3142 views  |  0 comments
HSBC first client for Fair Isaac fraud referral system

HSBC first client for Fair Isaac fraud referral system

09 July 2003  |  4150 views  |  0 comments
Flag Financial signs with London Bridge for Phoenix System

Flag Financial signs with London Bridge for Phoenix System

04 June 2003  |  2765 views  |  0 comments
Brief: London Bridge buoyed by Vectus order

Brief: London Bridge buoyed by Vectus order

10 April 2003  |  2682 views  |  0 comments
London Bridge racks up losses

London Bridge racks up losses

06 February 2003  |  3384 views  |  0 comments
London Bridge Software acquires AFA stake under business alliance

London Bridge Software acquires AFA stake under business alliance

03 February 2003  |  3590 views  |  0 comments

Related company news

 

Related blogs

Create a blog about this story (membership required)
Visit VocaLink.comVisit capgemini.comVisit equens.com

Top topics

Most viewed Most shared
hands typing furiouslyBlockchain: what to expect for 2017?
8275 views 0 | 55 tweets | 46 linkedin
hands typing furiouslyBig Data's Three Big Trends in 2016
7028 views 5 | 22 tweets | 13 linkedin
hands typing furiouslyHow Banks Are Losing Millions by Ignoring...
6553 views 10 | 22 tweets | 8 linkedin
Nordea looking for AI and blockchain breakthroughsNordea looking for AI and blockchain break...
6144 views comments | 17 tweets | 19 linkedin

Featured job

Find your next job