Is it time to sell this stock – Rubik Financial Limited?
Acquisition Proposal: Rubik Financial Limited (ASX: RFL) has entered into a binding Scheme Implementation Deed (“SID”) with a global banking and finance software specialist, Temenos, who intends to acquire 100% of Rubik shares via a Scheme of Arrangement for a cash consideration of AUD$0.1667 per share (representing a 52% premium to Rubik’s closing price of $0.11 of 14 February, 2017). This will value Rubik’s equity at about AUD$68 million (US$50 million) on a fully diluted basis. The Scheme is subject to approval by RFL’s shareholders and other requirements, and is expected to close by the end of May 2017. In the absence of a superior proposal, the Board of Directors has unanimously recommended the shareholders to vote in favor of the Scheme. RFL had earlier reported that it executed an extension to its long-term, exclusive partnership with Temenos and launched its Rubik Model Bank solution made on digital banking platform. The group believed that the growing need of financial institutions to meet modern consumer expectations would drive their Temenos’ products from the Legacy systems which are now being used by clients.
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