(Sharecast News) - Equiniti shares surged on Tuesday following a report that private equity investor Siris has made a 170p a share bid for the services and payments company.
Sky News cited sources as saying the proposal was the latest in a string of offers made by Siris for Equiniti in recent months, none of which have been disclosed to the stock market yet.
Sky said it was unclear whether Equiniti's board had decided to engage with the technology-focused PE firm.
One shareholder told Sky the latest proposal had been pitched around 40% higher than the current share price. The bid was understood to have been made in cash, valuing Equiniti at about £600m.
At 0920 GMT, Equiniti shares were up 41% at 163p.
House Broker Liberum said: "We can understand why Equiniti would prove attractive to private equity given the recurring revenue base, strong market position, improving outlook and attractive valuation."
29 Jan 2021 10:29
Equiniti Extends Contract With MyCSP, Pension Services Cabinet Office
Equiniti Extends Contract With MyCSP, Pension Services Cabinet Office
Read more