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.

MoneyWeek

Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE

Get 6 issues free

https://cdn.mos.cms.futurecdn.net/flexiimages/mw70aro6gl1676370748.jpg

Sign up to Money Morning

Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter

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.

MoneyWeek is written by a team of experienced and award-winning journalists, plus expert columnists. As well as daily digital news and features, MoneyWeek also publishes a weekly magazine, covering investing and personal finance. From share tips, pensions, gold to practical investment tips - we provide a round-up to help you make money and keep it.