(Alliance News) - Serco Group PLC late last year received a takeover approach from private equity firm American Industrial Partners, Sky News reported on Friday afternoon.
The Hampshire, England-based outsourcer, which manages various UK government contracts, was contacted late in 2023 by AIP about a potential bid.
https://news.sky.com/story/us-buyout-firm-in-2-5bn-takeover-approach-for-outsourcer-serco-13056880
Sky News said it was unclear whether New York-based AIP had lodged a firm acquisition proposal, although the companies are nonetheless said to have engaged with each other.
However, on Friday a source close to Serco told Sky News that it and AIP are no longer in active discussions.
Sky added that a conventional 30% premium to Serco's share price on Friday would value the FTSE 250 firm at approximately GBP2.5 billion.
At the time the stock was trading at about 175 pence per share. Serco as of Monday has a market capitalisation of GBP1.90 billion.
Shares in Serco were trading 0.9% lower at 172.50p each on Monday morning in London.
By Emma Curzon, Alliance News reporter
Comments and questions to newsroom@alliancenews.com
Copyright 2024 Alliance News Ltd. All Rights Reserved.
Serco (SRP)