SVG fends off HarbourVest, to pursue other suitors
September 19, 2016
SVG Capital has rejected an unsolicited £1.02 billion takeover offer from HarbourVest Partners, arguing the proposal undervalues SVG and its assets and saying that the firm is currently in discussions with alternative buyers about possible competing bids.
HarbourVest’s offer was 650 pence per share for SVG (LON: SVI), yet SVG was trading at 676p per share at end-of-day Friday, up 4%—lending credence to the notion that the firm could find a more appealing deal. SVG estimated its own value at 735p per share in documents released last week.