Rubik shareholders mull acquisition by Geneva fintech

The directors of ASX-listed fintech company Rubik Financial unanimously recommended shareholders accept a proposal for the company to be acquired by a Geneva-based software provider.

Under the terms of its binding scheme implementation deed, Temenos will acquire 100% of Rubik shares via a scheme of arrangement for a consideration of 16c per share - Rubik said this represents a 52% premium to Rubik's closing price of 11c on February 14.

Rubik's largest shareholders - Viburnum Funds, LHC Capital Partners and Regal Funds Management, which collectively represent 44% of shares on issue - have all indicated they will vote in favour of the acquisition.

"Having enjoyed a strong partnership with Temenos for a number of years, today's announcement represents a positive result for all Rubik stakeholders," Rubik chief executive Iain Dunstan said.

He added: "It is compelling in that, if approved, the offer delivers a significant premium to Rubik's recent share price and provides certainty of value for our shareholders. If implemented, we believe the scheme will have a positive impact for both our existing clients and prospective clients by providing access to the significant resources of Temenos as a market-leading wealth, banking and finance software specialist."

Temenos chief executive David Arnott also commented, saying: "We are delighted to announce the proposed acquisition of Rubik, which will create a leader in the fast-growing Australian financial software market by combining Rubik's local knowledge and product set with Temenos' global expertise and world-class solutions."

Read more: GenevaRubik FinancialDavid ArnottIain DunstanLHC Capital PartnersRegal Funds ManagementTemenos forViburnum Funds
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