Cidron Delfi Bids for Orc

Private equity backed Cidron Delfi has launched a 2.0 billion Swedish crown ($292 million) bid for Orc Group, a provider of software and services for brokerages and traders, writes Reuters. Cidron Delfi, indirectly owned by Nordic Capital Fund VII, said it was bidding 86 crowns per share for Orc, a 52 percent premium to the company’s average share price over the last three months, writes Reuters.

(Reuters) – Private equity backed Cidron Delfi on Monday said it had launched a 2.0 billion Swedish crown ($292 million) bid for Orc Group, a provider of software and services for brokerages and traders.

Cidron Delfi, indirectly owned by Nordic Capital Fund VII, said it was bidding 86 crowns per share for Orc, a 52 percent premium to the company’s average share price over the last three months.

The board of Orc has recommended the all-cash bid, which will run to Jan. 27, 2012 and is conditional on Cidron getting 90 percent of Orc’s shares.

Nordic capital said it believed Orc could develop better with a single owner that could devote resources and management skill over the long term. ($1 = 6.9128 Swedish crowns) (Reporting by Simon Johnson; Editing by Jon Loades-Carter)