Irish financial services company IFG Group has received a new takeover approach, Reuters reported, though the name of the potential buyer was not disclosed. The Sunday Times has reported that private equity firm Fiordland, which owns 18% of IFG Group, is the newest suitor. The Sunday Times also named private equity rival Bregal Capital as another potential buyer, saying the firm approached IFG earlier this month.
(Reuters) – Irish financial services company IFG Group (IFG.I) said it had received a new takeover approach, as bid interest mounts for the pensions administration and corporate services group.
IFG did not identify who had made the latest approach for it, but The Sunday Times reported over the weekend that private equity firm Fiordland – which is IFG’s top shareholder with a 19 percent stake — had expressed an interest in buying IFG.
Fiordland would be vying with private equity rival Bregal Capital, which The Sunday Times had said was behind an approach for IFG earlier this month.
IFG shares closed at 1.75 euros on Friday, giving the company a market capitalisation of roughly 220 million euros ($309.5 million). ($1=.7109 Euro)
(Reporting by Sudip Kar-Gupta, Editing by Rosalba O’Brien)