A leading investor has reiterated its criticism of a deal to sell Monitise to Fiserv, despite the price being increased.
Paul Mumford, a fund manager at Cavendish Asset Management, called the deal an “absolute steal” for the American company and said that he was disappointed that the Aim-listed financial technology business had not managed to negotiate a better deal.
Fiserv did improve its bid to about £75 million yesterday, or 3.1p a share in cash, up from £70 million in June.
Monitise blazed a trail by linking banks and mobile operators, but it has faced increased competition from free mobile payment systems. Santander, which has a 4.67 per cent stake in Monitise, has backed the deal, as has Visa, a large customer and investor with a 2.41 per cent stake. Monitise said that its directors have recommended the increased and final offer, which improves on the original 2.9p-a-share bid.