Monitise and Fiserv UK Ltd have agreed a recommended offer by the latter for the former. Monitise shareholders would recieve a premium 2.9p cash for each share. The offer value Monitise at about £70m.
Peter Ayliffe, chairman of Monitise, said:
"Following the simplification and stabilisation of the Monitise Group and the focus on the development and marketing of its next generation digital banking technology FINkit, the Monitise Board has been regularly reviewing its medium to long-term options.
"In reaching its decision to recommend this offer, the Monitise Board has considered in great detail the best interests of all stakeholders and the Company as a whole.
"Recognising the growth challenges we continue to face, we believe that Fiserv's all-cash offer provides shareholders with certainty of value at a level in excess of the risk adjusted prospects of the Monitise Group on a standalone basis.
"In addition, Fiserv as a large and diversified international financial technology business, has the ability to accelerate the growth of the business through greater scale, investment, and routes to market."
At 8:55am: (LON:MONI) Monitise PLC share price was +0.56p at 2.86p