(Reuters) — Private equity firm HabourVest offered to buy smaller rival SVG Capital‘s (SVI.L) investment portfolio, providing an alternative to its $1.35 billion cash offer for the company, as it looks to trump an already accepted offer from Goldman Sachs (GS.N) and the Canada Pension Plan Investment Board.
Boston-based HarbourVest said it was willing to pay at least 783.1 million pounds ($973.8 million) for SVG Capital’s investment portfolio.
SVG declined to comment when contacted by Reuters.
HarbourVest said on Monday that its offer would allow SVG Capital to return over 700 pence per share to shareholders.
If the Goldman consortium bid for about 748 million pounds prevails, SVG’s shareholders would be able to sell stock at 680 pence each in a series of tenders over the coming months and the firm would be wound up in the second quarter of next year.
HarbourVest had extended its offer for SVG Capital last week to Oct. 13 from Oct. 6, even after the British firm accepted an offer for its investment portfolio from a Goldman Sachs consortium.
SVG first rejected HarbourVest’s hostile approach last month saying it was talking to other suitors who might offer a better price.
HarbourVest launched a bid for the company on Sept. 12 at 650 pence a share, saying it was taking advantage of a weaker pound, following the Brexit vote, to snap up assets with good short-term growth prospects.
Shares in SVG were up 2.7 percent at 686.5 pence at 1005 GMT on the London Stock Exchange.