HarbourVest makes fresh takeover bid for SVG Capital with firm valued at £1bn
Global private equity investment firm HarbourVest is taking a fresh post-Brexit run at SVG Capital in an offer that values the British firm at about £1 billion.
HarbourVest is proposing a takeover at 650 pence per share, which is 14.7% higher than SVG's closing stock price on Friday and 23.1% higher than the average closing share price over the past six months.
However, that offer is lower than an earlier proposed takeover price of 666 pence per share, which was put on the table before the Brexit vote.
The firm explained that it was adjusting the offer price given the 9.5% drop in sterling since the EU referendum.
HarbourVest said about 42.7% of SVG Capital's shareholders have indicated they would accept the offer.
David Atterbury, managing director of HarbourVest, said: "We believe that our final cash offer provides full, compelling and immediate cash value to the shareholders of SVG Capital at a fair and significantly lower discount to both SVG Capital's last published NAV (net asset value)."
"While our offer does not currently have the recommendation of the board of SVG Capital, we look forward to a constructive dialogue with them in order to crystallise the certainty of value, today and in cash, to its shareholders," he added.
HarbourVest has more than 42 billion US dollars in assets under management.