Sherwood stays firm on Sungard bid rumours
07 July 2003 | 3951 views | 0
Shares in Sherwood International continue to trade at a year high of 133 pence amid persistent rumours that highly acquisitive financial systems house Sungard is preparing to table a 140 pence per share bid for the UK life and pensions software provider.
According to a report in today's FT, Sungard could make a move as early as next week. A 140p per share offer values Sherwood at £61.5m.
The FT report firms up market speculation going back several weeks that Sungard is eyeing the firm.
The board of Sherwood put the company in play in April when it authorised chief executive Mike Shinya and finance director Mark Williams to explore financing for a possible management buy-out. At the time, the company confirmed that it had already received an outline proposal with a possible offer price of 105 - 110 pence per Sherwood share.