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MBO for Lynx software arm under Skandia deal

Lynx&#39s software operation will be bought out by its management for £60m, as Skandia takes control of the Banhall operation.

The divergence between the success of its IFA business and the performance of its IT side led Lynx to recommend the offer.

Lynx non-executive chairman Stewart Douglas-Mann says: "A significant difference in investment ratings for smaller IT businesses has become evident since Autumn 2000 which has adversely affected the market&#39s view of Lynx&#39s value. This, combined with the benefits in terms of greater financial resources and business reach in the IFA market which our financial services businesses will enjoy within the Skandia Group, has led your Board to conclude that the proposed transaction is in the best interests of both our shareholders and our businesses. Shareholders will receive a cash payment for their shares at a significant premium to the Lynx price immediately prior to the announcement that the Company was in talks."

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