Standard Life continue to invest in software expertise
Standard Life revealed yesterday that its £42 million takeover bid for software group Focus Solutions had gone through with a big majority of acceptances by the first closing date of the end of December.
The life and pensions giant said it had received acceptances accounting for 82.65 per cent of Focus shares, and was now formally extending the dead- line for replies to 1pm on 14 January.
Eamonn Flanagan, insurance analyst at broker Shire Capital, said: "I don't think there is anything untoward in Standard not getting total acceptance for the offer at the first stage. It is probably more a case of some of Focus's shareholders not getting around to voting because of the festive period."
He said the latest deal was part of a "clear strategy" by Standard to bring in software expertise to underpin administration of its pensions and savings activities."The common theme of these three bolt-on deals is their software focus, and shows Standard Life believes it is big enough to take control of this area to give it an efficiency edge," Flanagan said.
Read the full story at The Scotsman