Maia Holdings wins 75% support for Rolfe & Nolan offer

Maia Holdings wins 75% support for Rolfe & Nolan offer

HgCapital-backed Maia Holdings says its 100 pence a share offer for Rolfe & Nolan has gone unconditional after receiving acceptances for over 75% of the issued share capital of the back office futures and options vendor.

The news effectively ends any third party challenge to the deal. Maia Holdings was facing competition to its offer from onExchange and Navora.

The management-backed buy-out vehicle says it will now proceed with its plans to delist from the Stock Exchange on 3 April.

Bob Freeman, chief executive officer of Rolfe & Nolan, says: "An MBO is very hard work for all concerned and I am delighted that the management team has been able to take independent control of such a strong business with an excellent track record. Our imminent status as a privately-owned company will give us the freedom to grow our business further."

He says that HgCapital has the financial muscle to help deliver the next-generation Merlin product upgrade, considered critical to the future of the business.

The Merlin Commissions module has been completed, and the Merlin Margin module has an expected completion date of second quarter 2003.

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