Ebix is interested in purchasing the business at 175 pence per share - more than rival bidders CSC and Capita
Insurance software maker Ebix has now joined the bidding war to buy Xchanging - making it the second firm to put in a bid since Apollo dropped out of the race earlier this month.
Xchanging has announced today that it has been approached by Ebix who is interested in purchasing the business at 175 pence per share in cash – exceeding the 170 pence offered by insurance technology provider CSC last week and the 160 pence offered by outsourcer Capita.
As a result Xchanging has started discussions with Ebix.
The company now has until 5pm on 9 December 2015 to either announce a firm intention to make an offer for Xchanging or to announce that it does not intend to make an offer.
Xchanging has been at the centre of a bidding war since early October, after Apollo put in a bid for the company 10 pence a share above what Capita had offered.
Since then Apollo has pulled out of the running.
And although Capita said its offer was final, it added that it reserved the right to increase the price if another third party came forward with a firm intention to make a rival offer.