21st Apr 2023 08:10
(Alliance News) - Network International Holdings PLC on Friday confirmed that it has received another takeover offer, this time from Brookfield Asset Management Ltd.
The Middle East and Africa-focused payments provider has a market capitalisation of GBP2.12 billion.
It said that it offer is a "highly preliminary, non-binding proposal".
Network International said the offer is for 400 pence per share. This is a 1.3% premium to its closing price of 395.00p on Thursday. The stock was trading up at the bid price of 400.00p early Friday in London.
Brookfield is now required to make an offer by May 19.
"There can be no certainty that an offer will be made by Brookfield, nor as to the terms on which any offer might be made," Network International said.
It added that is evaluating the Brookfield offer with its financial advisers and said a further statement will be made in due course.
On Monday, Network International confirmed that it has received a non-binding takeover proposal from a private equity consortium.
It said it has received a "non-binding" takeover proposal from CVC Advisers Ltd and Francisco Partners Management Ltd.
The consortium has offered to pay 387p per Network International share. This is a 58% premium to the company's shares closing price of 244.40p on Wednesday, being the last business day before the first announcement was made.
The consortium has until the close of play on May 11 to announce when or not it plans to make a firm offer.
By Sophie Rose; Alliance News reporter
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