7th Apr 2025 09:39
(Alliance News) - De La Rue PLC on Monday said it remains in discussions regarding a possible bid for the company after announcing the sale of its Authentication division.
In February, the Basingstoke-based firm, which prints banknotes for the Bank of England and other central banks across the world, said it had started a formal sale process after receiving approaches from separate third parties.
In January, De La Rue said Disruptive Capital GP Ltd and Pension SuperFund Capital had offered to buy the company for 125 pence per share. In February, the firm said it had also received preliminary approaches from separate third parties.
On Monday, De La Rue stated: "The company continues to be in discussions that may or may not result in possible cash offers for the company or possible cash offers from various potential counterparties in relation to the group's Currency division.
Shares in De La Rue were down 0.9% at 107.00 pence each in London on Monday morning.
On Monday, De La Rue said Connecticut, US-based industrial technology company Crane NXT Co will pay GBP300 million for its Authentication business.
Of this, GBP15 million is to be held in escrow for up to 18 months post completion and GBP30 million is to be paid to the trustee of the group's defined benefit pension scheme by way of an accelerated deficit repair contribution. In addition, a portion of the cash consideration will repay the group's revolving credit facility in full.
The deal, which was first announced last October, is expected to complete on May 1.
By Jeremy Cutler, Alliance News reporter
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