Bain poised to bid for Micro Focus

Private equity group Bain Capital is targeting software group Micro Focus International and is preparing an offer that could be as much as £890m.

Micro Focus revealed this week that it had received a preliminary approach for the company. This followed months of speculation that the group would be a target for companies including IBM and Hewlett-Packard.

Earlier this month, Micro Focus's chief executive, Nigel Clifford, quit after 11 months in charge, though the company did not provide any reasons for the departure. Chairman Kevin Loosemore was appointed executive chairman and David Maloney was made his deputy.