(Alliance News) - Equiniti Group PLC on Monday confirmed it has received a 170 pence-per-share cash offer from Siris Capital LLC and said it will evaluate the proposal "carefully in all respects", after the private equity firm confirmed a Sky News report of the potential takeover.
Shares in Equiniti were up 16% to 160.00 pence in London.
On Sunday, Sky News reported that Siris was close to making a formal offer for Equiniti valuing the company at around GBP600 million. The report said the private equity firm had been interested in the London-based company since July but was rebuffed several times.
Equiniti's statement early Monday was its first acknowledgement of an offer from Siris. It noted the proposal was non-binding and subject to a number of preconditions, including the completion of detailed due diligence and the arrangement of debt financing.
It urged its shareholders to take no action on the Siris offer, while it reviews it together with its financial and legal advisers. Equiniti said it will make a further announcement "in due course".
Equiniti, which handles dividend payments and administrative services for companies, swung to a loss in 2020 after businesses cancelled payouts to shareholders. Shares are up 46% year-to-date, but remain way off their 2018 peak of over 300p.
By Ivan Edwards; ivanedwards@alliancenews.com
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