21 August 2017
visit www.avoka.com

London Bridge accepts Fair Isaac bid approach

26 April 2004  |  8996 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  |  4640 views  |  0 comments
Recurring revenues push London Bridge back into black

Recurring revenues push London Bridge back into black

12 February 2004  |  2583 views  |  0 comments
London Bridge reports pick-up in demand

London Bridge reports pick-up in demand

16 January 2004  |  2774 views  |  0 comments
Visa EU releases fraud detection system

Visa EU releases fraud detection system

08 January 2004  |  9517 views  |  0 comments
Republic Bank live with London Bridge software

Republic Bank live with London Bridge software

18 November 2003  |  3001 views  |  0 comments
Deutsche Bank implements Fair Issac decision support system

Deutsche Bank implements Fair Issac decision support system

28 August 2003  |  4710 views  |  0 comments
Cost controls keep London Bridge in trim

Cost controls keep London Bridge in trim

07 August 2003  |  2704 views  |  0 comments
Co-operative Bank selects Fair Isaac decision support application

Co-operative Bank selects Fair Isaac decision support application

06 August 2003  |  3379 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  |  3351 views  |  0 comments
HSBC first client for Fair Isaac fraud referral system

HSBC first client for Fair Isaac fraud referral system

09 July 2003  |  4423 views  |  0 comments
Flag Financial signs with London Bridge for Phoenix System

Flag Financial signs with London Bridge for Phoenix System

04 June 2003  |  3041 views  |  0 comments
Brief: London Bridge buoyed by Vectus order

Brief: London Bridge buoyed by Vectus order

10 April 2003  |  2907 views  |  0 comments
London Bridge racks up losses

London Bridge racks up losses

06 February 2003  |  3774 views  |  0 comments
London Bridge Software acquires AFA stake under business alliance

London Bridge Software acquires AFA stake under business alliance

03 February 2003  |  3823 views  |  0 comments

Related company news

 

Related blogs

Create a blog about this story (membership required)
visit www.abe-eba.euvisit www.niceactimize.comdownload the paper now

Top topics

Most viewed Most shared
Mobile contactless spending accelerating in UKMobile contactless spending accelerating i...
11138 views comments | 25 tweets | 23 linkedin
Barclays pairs banking data with third party apps for SmartBusiness DashboardBarclays pairs banking data with third par...
9370 views comments | 22 tweets | 28 linkedin
hands typing furiouslyWhy Is Risk Analytics Important?
9356 views 0 | 5 tweets | 1 linkedin
Norwegian banks and startups form fintech clusterNorwegian banks and startups form fintech...
9110 views comments | 19 tweets | 23 linkedin
RBS to bring Silicon Valley to EdinburghRBS to bring Silicon Valley to Edinburgh
8984 views comments | 10 tweets | 8 linkedin

Featured job

Find your next job