Bain Capital is preparing a bid worth up to 890 million pounds ($1.5 billion) for British IT firm Micro Focus Intl (MCRO.L), the Financial Times reported on its website on Thursday, citing a person close to Bain. Micro Focus, which updates mainframe computer applications, said on Tuesday it had received an approach. The Financial Times said U.S. private equity firm Bain was thought to be preparing a bid worth 425-450 pence a share. Shares in Micro Focus had lost more than a third of their value in the last 12-months, leaving it susceptible to a bid according to analysts, after it twice warned on profits and its chief executive Nigel Clifford left after less than a year in the job. The shares were trading 3.7 percent higher at 371.8 pence at 1457 GMT, valuing the company at about 735 million pounds ($1.2 billion). Bain declined to comment on the report while Micro Focus was not immediately available for comment.
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