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ION Group Raises Bid for Cerved to $2.35 Billion

ION's initial bid of $2.2 billion in March had been deemed insufficient by Cerved.

Video source: YouTube, Cerved

Dublin-based fintech firm ION Group upped its takeover bid to 1.99 billion euros ($2.35 billion) for Italian credit risk analysis and credit management company Cerved Group (Milan: CERV).

In a press release Thursday, ION's Castor Bidco unit announced its revised bid of 10.20 euros per share, a 53.6% premium over Cerved’s weighted share price over the 12-month period prior to ION's initial bid of 9.50 euros per share on March 8, 2021.

ION also said it extended the tender period from August 21 to September 9.

Cerved’s board had deemed ION's initial bid of 9.50 euros per share too low.  

ION told Reuters at the time that it was committed to supporting Cerved’s business plan and would leverage the company’s expertise in the software and data analysis sectors, but did not rule out overhauling operations in the future. 

Privately-held ION has been on an acquisition spree in recent years and has become a major player in the financial data world.

Days before its initial Cerved bid, ION — which is led Italian entrepreneur Andrea Pignataro — acquired Italian banking software provider Cedacri Group

Earlier this year, ION bought New York-based options trading technology provider Dash Financial Technologies

ION also secured a majority stake in financial news company Acuris in 2019 for 1.35 billion pounds ($1.85 billion), and bought trading software firm Fidessa in 2018 for 1.5 billion pounds.  

Pignataro told The Financial Times recently, “We are competing with Bloomberg, FIS, the Intercontinental Exchange and others to take advantage of the fact that financial markets are becoming more international and electronic.” 

Over ION’s 20-year history, it has closed on more than 20 businesses, including Dealogic, Mergermarket and Broadway Technologies. 


Source: Equities News

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