IFG Group talking to Bregal about takeover

Dublin-based pensions adviser and administration company, IFG Group, said it was in exclusive takeover talks with private equity firm Bregal Capital.In June IFG said it had receieved two approaches in relation to possible offers for the company and had invited both parties to undertake due diligence. IFG said that following the conclusion of that process it had entered into an exclusivity agreement with Bregal."If concluded, the proposal contemplates a transaction whereby IFG shareholders would receive a cash offer of €1.80 per IFG share cum dividend," the firm said.The deal would value the firm at €231.2m."The proposed value represents a premium of 35.0% over the average closing price of €1.333 on the Irish Stock Exchange for the three months up to 20 April 2011," it added.In its half year report the firm posted pre-tax profits of £7.1m on revenues of £56.3m.