De La Rue starts formal sale process amid multiple takeover interest

(Alliance News) - De La Rue PLC on Tuesday said it has started a formal sale process after receiving approaches from separate third parties that could lead to a bid for the firm.

Shares in De La Rue closed 5.7% higher at 121.50 pence each in London on Tuesday. It has a market value of GBP238.3 million.

In January, the Basingstoke-based firm, which prints banknotes for the Bank of England and other central banks across the world, said Disruptive Capital GP Ltd and Pension SuperFund Capital had offered to buy the company for 125 pence per share.

The bid is conditional on the completion of the already announced planned sale of the Authentication division to Crane NXT Co.

On Tuesday, De La Rue said discussions with the PSFC entities are continuing.

Since the January announcement, De La Rue said it has also received preliminary approaches from separate third parties that may or may not result in possible cash offers for the company.

All parties, including PSFC, have agreed to the formal sale process.

De La Rue confirmed that talks to sell the Currency division continue while it is also making "significant steps" towards concluding the sale of the Authentication division to Crane NXT Co.

The formal sale process is being managed by Deutsche Numis, who are also advising the board in respect of their obligations under the Takeover Code.

De La Rue expects interested parties to submit expression of interest by the end of March.

By Jeremy Cutler, Alliance News reporter

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