Only 24 hours after BGH Capital made an $8 a share takeover, CapVest has gone back to Virtus to increase its offer.As of Thursday morning, the new price and terms were not finalised. Sources said it could take another day, or even the weekend, for CapVest to wrap it all up.
There’ll be plenty of interest in the structure. CapVest’s existing bid - a two-headed offer at $8.13 for a scheme or arrangement of $7.98 for a takeover - is made up of cash, capital return and special dividend, creating some potential tax uncertainty for Virtus shareholders.Whatever CapVest puts up, it’ll be another quick hit back by the London-based buyout group.
The firm secured exclusive due diligence with a $7.50/$7.60 bid, increased it to $7.70/$7.80 and then $8.10/$8.25 to fight off BGH. [Each of the bids included a 12¢ a share interim dividend, which Virtus has already paid].Morgan Stanley’s advising CapVest, while Jefferies and Gilbert + Tobin are in Virtus’ camp. UBS and Allens are with BGH.
co-edits Street Talk, specialising in private equity, investment banking, M&A and equity capital markets. He has 10 years' experience as a business journalist and worked at PwC, auditing and advising financial services companies.
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