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CVC's target Intertrust confirms having received multiple bids

Stock MarketsNov 22, 2021 12:56PM ET
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(Reuters) - Dutch financial services company Intertrust said on Monday it had received multiple takeover offers, following its earlier announcement of discussions with private equity firm CVC Capital Partners.

Intertrust, which did not name the interested parties, or provide a number thereof, said that each of them had submitted a conditional and non-binding proposal to buy all its issued and outstanding shares at offer prices ranging up to 22 euro per share.

Last week, the company, which offers administrative, fund and private wealth services in more than 30 jurisdictions worldwide, entered into exclusive talks over a potential 1.63 billion euro ($1.83 billion) takeover by CVC Capital Partners, which offered 18 euros per outstanding Intertrust share.

The highest bid would mean a 25.7% premium over Intertrust's Monday closing price of 17.50 euros on the Amsterdam stock exchange, which last week already rose over 40% to align with CVC Capital Partners' offer.

In the last 30 minutes of Monday trading, Intertrust shares jumped by 4% and volumes spiked, with traders citing increased bid offer chatter.

Intertrust's net income came in at 20.8 million euros on revenue of 565 million euros last year.

($1 = 0.8889 euros)

CVC's target Intertrust confirms having received multiple bids
 

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