Rolfe & Nolan in play as Navora contemplates offer

Rolfe & Nolan in play as Navora contemplates offer

Navora, a privately-held investment firm backed by the capital of DGB Investments, has informed the London Stock Exchange that it is contemplating a bid for in-play back office outfit Rolfe & Nolan and is conducting due diligence.

Rolfe & Nolan is currently the subject of a 100 pence a share offer from HgCapital-backed management buy-out vehicle Maia Holdings. The £15 million Maia Holdings bid compares favourably with an earlier rejected bid by US technology vendor onExchange of £12.5 million, but is five pence a share below Rolfe & Nolan's current stock market valuation.

DGB Investments Inc. is owned by Douglas Bergeron, current chairman, CEO and largest individual investor in payment system vendor VeriFone. Bergeron was previously the CEO of Geac Computer Corporation, the largest software company in Canada, and is a former group CEO of SunGard Brokerage Systems Group and SunGard Futures Systems.

Navora was established by DGB Investment in the UK early January to form a team to source a portfolio of European technology and services business. Navora says it is currently in talks with Battery Ventures about a possible bid for Rolfe & Nolan.

Maia Holdings is urging shareholders to accept its 100 pence a share offer by the 26 February closing period, in the continued absence of any improved counterbid from rival suitor onExchange or firm offer from Navora.

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