Temenos acquires Rubik
Rubik Financial Limited has announced that its scheme for Temenos Group AG to acquire all Rubik shares has been approved by the Federal Court of Australia.
Rubik said it expected to lodge a copy of the court’s orders approving the scheme with the Australian Securities and Investments Commission (ASIC) today at which the scheme would become legally effective.
It also expected that Rubik’s shares would be suspended from trading on the Australian Securities Exchange (ASX) from the close of today’s trading.
“Rubik also confirms that on the implementation date, being Monday 22 May 2017, all shares that are subject to a voluntary escrow arrangement will be released from that escrow arrangement and participate fully in the scheme,” the announcement said.
Temenos said the acquisition would help overcome Rubik’s size, scale and investment challenges, and Temenos sub-scale presence.
Temenos is a software specialist for banking and finance and has offices in over 40 countries, and is headquartered in Switzerland. In Australia, the firm serves six clients – Rabobank, Credit Suisse, BOQ Specialist Bank, Macquarie Group Services, Rubik, ANZ, and ME Bank.
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