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Bids, Mergers and Takeovers

SVG Capital comments on press speculation

03 October 2016 09:31

SVG Capital notes the speculation around the identity of a unit of Goldman Sachs and the Canadian Pension Plan Investment Board (CPPIB) as consortium members linked to a possible alternative transaction for SVG Capital.

As announced on 16th September, 2016, the Board was in discussions with a number of parties who were considering a competing offer, including a consortium comprising Goldman Sachs and CPPIB.

The Goldman Sachs and CPPIB consortium has not ruled out making a competing offer for the Company.

"However, the Board confirms that it is in detailed discussions with the consortium of Goldman Sachs and CPPIB in relation to a possible alternative transaction to the offer announced by HarbourVest Structured Solutions III L.P. (the "Offer"), involving the sale of the Company's investment portfolio," said SVG Capital in a statement.

"Another party referred to in the announcement of 16th September, 2016 has approached the Board with an interest in making a consortium offer provided that it can find a partner to do this with.

"In addition, the Board confirms that it is also in detailed discussions with that party as part of another consortium regarding the sale of some of SVG's assets.

"The Board also understands that a third party referred to in the announcement of 16th September, 2016 may be interested in considering an offer for the Company.

"As stated in SVG's response circular published on 29th September, 2016, the Board intended to update shareholders on the status of discussions on or before 3rd October, 2016. Given the update on discussions provided above, the Company will further update shareholders tomorrow morning.

"The Board urges shareholders to take no action with respect to the Offer."

At 9:31am: (LON:SVI) SVG Capital Plc share price was +3.5p at 682p

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