British private equity firm SVG Capital Plc said on Tuesday it would sell half of its investment portfolio for 379 million pounds and wind down operations by the end of 2017.
The company, which rejected U.S. rival HarbourVest’s $1.5 billion bid last month, said winding down would be a better option for its shareholders rather than accepting the offer.
SVG’s statements came after HarbourVest earlier on Tuesday urged shareholders to accept its offer.
The latest developments come after SVG said on Monday it was in talks with a consortium that included Goldman Sachs Group Inc and the Canadian Pension Plan Investment Board.
SVG had also said it would give further updates on these discussions on Tuesday. However, Tuesday’s statement did not provide any details.
The company said it planned a 450-million-pound ($573.21 million) tender offer before the year-end at 700 pence per share and would launch an additional 300-million-pound offer in early 2017.
HarbourVest had offered 650 pence per share.
SVG said it agreed in principle to sell half of its investment portfolio to Pomona Capital and Pantheon Ventures at a 7.8 percent discount.
The company said it intends to sell rest of the portfolio, worth 388 million pounds, next year and wind down by the year’s end.
SVG shares closed down 0.9 percent at 674 pence on Tuesday.