Reuters is heading for a showdown with SunGard after confirming that it has submitted a bid for Bridge's core US institutional securities assets under Chapter 11 bankruptcy proceedings.
Reuters' bid package includes Bridge Information Systems in North America; the EJV bond data and analytics business; the Bridge Trading Company brokerage business; the Bridge Trading Technologies and Transaction Services businesses; the eBridge Internet business; and an option on Bridge’s interest in Savvis Communications.
Late last month, Bridge tentatively agreed to a £165 million bid from SunGard Data System for the EJV bond data and analytics products and the BridgeNews LiveWire Company News service in the US, plus the Bridge Trading Company brokerage business and the eBridge Internet software division. SunGard is understood to be in line for a $5 million breakup fee if its deal falls through.
Reuters is refusing to disclose the monetary value of its bid.
Bridge has also confirmed bids from MoneyLine Network - which provides electronic trading services over the Internet - for the Telerate market data business; and from Fininfo - a Bridge reseller in France - for its European operations.
In accordance with the Bankruptcy Court’s order, a final auction is to take place on 16 April 2001 with the final offer selected by Bridge to be submitted for approval at a hearing scheduled for 19 April 2001.
During this time Bridge, Reuters and the other bidders may engage in discussions with one another, which may result in revised bids or other modifications.