Equiniti confirms £620m bid approach from Siris

(Sharecast News) - Equiniti has received a bid proposal from Siris Capital valuing the business services and payments company at about £620m.
The private equity firm has proposed paying 170p a share in cash in an approach Equiniti said was "highly conditional [and] non-binding". It is subject to conditions including due diligence and arranging debt financing.

Siris has until 17 May to announce a firm intention to make an offer or walk away. Equiniti shares rose 15% to 158.13p at 10:34 BST.

"The board of EQ will evaluate the proposal carefully in all respects, together with its financial and legal advisers," Equiniti said.

The US buyout firm is reported to have made several approaches to Equiniti including one at 170p a share in January. This is the first time Equiniti has confirmed an approach.

Equiniti reported a £6.6m annual pretax loss on 1 April as revenue fell sharply during the pandemic. Sky News said Monday's approach was likely to be Siris's last attempt to get Equiniti to open its books.