Rand Merchant Bank has announced that VenFin and an institutional investor have acquired the 42.58% shareholding in Idion previously held by the Canadian DataMirror Corporation.
The transaction increases VenFin`s shareholding in Idion from 6% to approximately 34.9% - just short of the 35% point at which a mandatory share offer would be triggered.
DataMirror is essentially a competitor in the managed availability software sector to Idion subsidiary Vision Solutions.
In 2002, DataMirror engaged in a hostile takeover bid for Idion, buying shares from various shareholders and ultimately holding the 42.58% stake. At Idion`s AGMs, DataMirror prevented various resolutions from being passed.
The Idion board has welcomed the news, saying it brings to an end DataMirror`s hostile takeover attempts and gives the company stable, long-term strategic shareholders. The Idion management team has indicated that it remains committed to the company.
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