(Alliance News) - Equiniti Group PLC's takeover by Earth Private Holdings Ltd is progressing well, having cleared the US Hart-Scott-Rodino antitrust hurdle last Friday, Siris Capital Group LLC noted on Monday.
Earth Private Holdings is a newly formed company owned by funds managed by technology-focused private equity firm Siris Capital Group.
Equiniti, which is a London-based financial administration outsourcer, agreed end-May to a takeover offer by New York-based Siris Capital in a deal worth GBP673 million.
Siris offered 180 pence per Equiniti share for the acquisition, which is a 56% premium to the closing price of 116 pence per Equiniti share on February 8, the day before initial press reports of a potential bid for Equiniti.
Equiniti shares were down 0.1% at 180.00p each on Monday morning.
"The Equiniti board believes that the offer from Siris represents an attractive and certain value in cash today for Equiniti's shareholders, reflecting the strength of Equiniti's high quality business and its future prospects in a still uncertain environment," said Chair Philip Yea late May.
Siris has made the necessary applications to the Financial Conduct Authority in the UK and the Department of Financial Services in the US regarding the acquisitions.
By Greg Roxburgh; gregroxburgh@alliancenews.com
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