Symphony makes last minute bid for Kewill

Supply chain software company Kewill has received a last-minute bid from Symphony, a US private equity firm, beating off rival bidder Francisco Partners.

Symphony, a San Francisco-based company that was founded in 2002, wooed Kewill board members with a £99.6m bid for the company, putting Francisco's £89.5m offer firm in the shade.

Kewill shareholders will earn 106p for each of their shares in the loss-making company, whose clients include FedEx and Unilever.

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In the past 12 months the company has issued two profit warnings and currently expects full year adjusted operating profits to be £9.3m.

Chief Executive Paul Nichols is planning to step down from the board once a successor has been appointed.

Kewill's share price rose 10.99% to 106p by 09:07.

NR