Patsystems, supplier of derivatives trading technology, received a bid from its biggest shareholder IonTrading, valuing it at £29 million, Financial Times reports. Dublin-based Ion, which is backed by TA Associates and owns a nearly 28 percent stake in Patsystems, submitted a per-share offer of 14 pence for the group.

The bid follows a heavy profits warning from the derivatives trading software maker last month that cut 40 percent off its share price. The share price dropped because of the bankruptcy of MF Global Holdings, the U.S. futures broker and Patsystems’ largest customer. Patsystems’ revised estimates show MF Global owed it £900,000.

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