LONDON, June 15 (Reuters) - Top Monitise shareholder Cavendish Asset Management said on Thursday an offer from U.S. rival Fiserv for the British financial services technology firm was too low, and it would vote against the deal.
Financial technology provider Fiserv said this week it had agreed to buy Monitise for 70 million pounds ($89.35 million). Cavendish is the biggest investor in Monetise with a 4.84 percent stake, according to Thomson Reuters data.
“While the dramatic tale of a once-loved tech company falling from grace makes for good headlines, it obscures the fact that this offer is far too low,” said Paul Mumford at Cavendish in emailed comments.
“While the directors have recommended taking the deal, I would urge all involved to review the situation.” ($1 = 0.7835 pounds) (Reporting by Carolyn Cohn; editing by Simon Jessop)