9th Feb 2021 10:45
(Alliance News) -Â Sky News late Monday reported that Siris, a technology-focused private equity investor, has made a takeover approach for Equiniti Group PLC.
Financial administration outsourcer Equiniti works with 70% of the FTSE 100 and employs more than 5,000 people globally.
Sky said Siris has tabled a 170 pence-per-share bid for Equiniti. Siris's bid is understood to have been made in cash, valuing Equiniti at about GBP600 million.
Sky reported that City sources said the proposal was the latest in a string of offers that had been made by Siris for Equiniti in recent months, though none of which have yet been publicly disclosed to the stock market. The private equity firm's interest is understood to pre-date the coronavirus pandemic.
https://news.sky.com/story/equiniti-draws-600m-takeover-interest-from-us-buyout-firm-siris-12212757
An Equiniti spokesperson at Tulchan Group declined to comment on the Sky story when contacted by Alliance News.
Shares in Equiniti were up 39% at 161.00p in London mid-morning on Tuesday, giving the company a market capitalisation of GBP591.2 million, though shares remain 23% lower compared to this time a year ago. The stock closed at 115.6p on Monday.
By Lucy Heming;Â [email protected]
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