OnExchange says it is conducting due diligence on back office futures and options vendor Rolfe & Nolan and may make a counterbid to the 100 pence a share management-backed HgCapital offer announced earlier this week.
Rolfe & Nolan rejected a £12.5 million bid for the company by onExchange last year. Last week the independent directors of Rolfe & Nolan recommended a £15.2 million tender by management-backed vehicle Maia Holdings and private equity outfit HgCapital Funds.
By mid-day Rolfe & Nolan shares had risen 5.5% to 105.5 pence, valuing the company at more than the 100 pence a share bid tabled by Maia Holdings.
OneExchange has yet to decide whether to re-enter the bidding and, in the absence of any formal offer, Rolfe & Nolan says that the independent directors continue to recommend that shareholders accept the offer from Maia Holdings Limited.