A private equity fund in the United States is on the verge of making a fifth bidding approach to Equiniti, the FTSE-250 company that handles some of the UK’s largest equity registrants and other back office services.
Sky News learned that Siris Capital is approaching a new initiative this weekend to buy 170p per share on the board of directors of Equiniti, chaired by city veteran Philip Yea.
Bankers said on Sunday that a formal approach from Siris could come soon this week.
According to insiders, the latest offer is expected to go on sale at the same price as the latest approach in January.
If Siris’ new approach is realized, it will put a lot of pressure on Equinity to confirm it to the city.
Over the last few months, small shareholder groups have been criticizing the margins given under the UK acquisition law to withhold information about acquisition approaches, even if the company is from a good company.
ShareSoc patron Lord Lee called for reforms in disclosure requirements, arguing that investors who sell their shares without knowing important information would suffer unfair financial losses.
Equinity refused to discuss Siris’s previous approach in a meaningful way, sources said, and the new proposal is likely to be the last effort for buyout companies to access the company’s books. is.
Equinity shares closed at 137.6p on Friday-still discounted than Siris’s offer, but narrower than at the time. Sky News reveals details of February interests..
Private-equity firm interest is understood to date back to July last year, when Equiniti’s performance was already affected by the COVID-19 crisis.
Yeah recently called 2020 [Equiniti] Shareholders. “
Since then, the company has lost experienced CEO Guy Wakery and replaced him with bank veteran Paul Linham.
Equiniti offers a variety of services to corporate clients, including investor public relations, pension management and initial public offering management.
Its roots date back to the founding of the British Army Paymaster General in the 19th century, with recent owners such as the Lloyds Banking Group and the private-equity firm Advent International.
The company currently works for more than 70% of the FTSE-100 and employs more than 5,000 people worldwide.
Equiniti is one of a series of publicly traded UK companies that attracts interest in acquisitions from private-equity funders, and many analysts still consider UK stocks cheap.
This year, private-equity fund TDR Capital took a separate bidding approach to temporary power supplier Aggreko and debt collection group Arrow Global.
Other top-tier companies that have been bid since the start of the COVID-19 crisis include retired homebuilder McCarthy & Stone and gambling group William Hill.
Goldman Sachs and Greenhill advise Siris, and Rothschild advises Equinity.
Equiniti and Siris declined to comment on Sunday.
US buyout firm Siris Capital plans a new £ 600m tilt at Equiniti.Business news
Source link US buyout firm Siris Capital plans a new £ 600m tilt at Equiniti.Business news