Rolfe & Nolan receives bid approach
Rolfe & Nolan, the London-based derivatives technology company, has confirmed that it has received a bid approach. Credit Lyonnais is acting on behalf of the vendor.
US-based OnExchange, which provides software for banks, brokerages, exchanges, and clearing houses, is rumoured to be the interested party. But a Rolfe & Nolan official refused to comment on any aspect of a possible bid.
Earlier this month, Rolfe & Nolan announced that half-year operating profits dropped by almost half to £602,000, from £1.19 million in the equivalent period last year. Turnover in the six months to August 31 2002 was also down at £10.7 million against £12 million in 2001.
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