CVC’s target Intertrust confirms having received multiple bids -Breaking
(Reuters) – Dutch financial service company Intertrust announced Monday that it has received several takeover offers after receiving multiple offer following earlier discussions with CVC Capital Partners.
Intertrust did not identify the parties or give a list of their names. However, Intertrust stated that they had received a conditional proposal from each to purchase all outstanding and issued shares for a price up to 22 euros per share.
The company offers private wealth, administrative and fund services in over 30 countries worldwide. Last week the company entered into negotiations with CVC Capital Partners for a possible 1.63 billion Euro ($1.83 Billion) acquisition. CVC Capital Partners offered an 18-euro Intertrust share.
It would be a premium 25.7% over Intertrust’s Monday closing price at 17.50 euro on Amsterdam Stock Exchange. The Amsterdam stock exchange has seen a rise of over 40% last week to match CVC Capital Partners’ offer.
Intertrust shares rose by 4% in the final 30 minutes of Monday trading. Volumes also soared. Traders cited increased bidding chatter as reasons for this spike.
Intertrust earned 20.8 millions euros in net income last year on revenues of 565,000,000 euros.
($1 = 0.8889 euros)
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