Parseq directors back CEO's takeover offer

Parseq directors back CEO's takeover offer

The independent directors of Aim-listed mobile and online banking software outfit Parseq have backed a £33.8 million takeover offer from a consortium led by chief executive Rami Cassis.

Parseq, which also provides outsourcing services to the financial sector, revealed it had been approached by Cassis - who already owns around 35.5% of its shares - in August.

Parseq's boss and his partners - Nova Capital and funds managed by HarbourVest Partners - have now had their bid accepted by the vendor's independent directors, Richard Last, Phillip Blundell, Clive Richards and Simon Rubin.

The nine pence a share offer represents a premium of around 94.6% on the closing price on 19 August, the last business day before news of a possible bid emerged.

Richard Last, chairman, Parseq, says: "As a private company with a strong parent, Parseq will benefit from greater access to funding which will better enable the company to maintain its leading position in the mobile banking software arena and to capitalise on opportunities on a global basis."

Parseq was created last year by the reverse takeover of Intelligent Environments by Documetric, which Cassis founded in 2007 through the management buyout of the data services bureau of Atos Origin.

Shares in the vendor were up two pence, or 29.6%, to 8.75 pence in morning trading.

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