Candover Says it Has Received Takeover Offers

LONDON (Reuters) – Private equity group Candover Investments Plc (CDI.L) said on Wednesday it had received approaches to acquire the company outright or to buy a minority stake.

In an AGM statement, the firm said it had received several expressions of interest covering a number of options.

“These options range from proposals to acquire the Company for either cash or a mixture of cash and shares through to proposals for third parties to acquire a minority stake in the Company,” it said.

Candover said that all the approaches were still subject to due diligence, and no reliance should be placed on any particular outcome.

The shares were down 2.27 percent at 290 pence by 1247 GMT. “We are facing a particularly complex situation because of Candover Investments’ responsibilities to its shareholders and bondholders, and Candover Partners’ responsibilities towards the investors in its Funds,” said Gerry Grimstone, chairman of Candover Investments.

“We continue to believe that there is considerable value within many of our portfolio companies and that this will be realised significantly above the current valuations once global economies recover,” he said.

Candover said in March it was no longer in a position to invest in its own 2008 fund, throwing the future of the firm into doubt. Candover had previously pledged to put 1 billion euros ($1.3 billion) into its planned 5 billion euro fund.

(Reporting by Joel Dimmock; Editing by Jon Loades-Carter)