Monitise offer proves divisive

ONE of Monitise’s largest shareholders has warned the Uk-listed company is being “sold down the river” after US suitor Fiserv upped its offer by just £5m.

The financial technology business has lifted its original bid for Monitise from 2.9p to 3.1p per share in an attempt to appease investors at Cavendish Asset Management. However Paul Mumford, Cavendish’s fund manager, said the amount, which values the payments firm at £75m, was too low. Speaking to The Daily Telegraph after the announce- ment, he said a bid in the region of 3.4p would have been more appropriate, despite that amount still being “peanuts” in his eyes.

Shares in Monitise closed up 4.4pc at 2.96p.