(Adds SVG response; updates shares)
Oct 10 Private equity firm HabourVest offered to
buy smaller rival SVG Capital's investment portfolio for
at least 783.1 million pounds ($973.8 million), looking to trump
an offer from Goldman Sachs and the Canada Pension Plan
SVG Captal had accepted an offer of 748 million pounds from
Goldman consortium on Thursday, saying it gave
shareholders a better return than a hostile bid from
HabourVest, which had previously offered to buy the whole
company for $1.35 billion in cash, said Monday's offer would
allow SVG Capital to return over 700 pence per share to
If the Goldman consortium's bid prevails, SVG's shareholders
would ultimately get 680 pence.
HarbourVest launched a bid for the company on Sept. 12 at 650
pence per share, saying it was taking advantage of a weaker
pound, following the Brexit vote, to snap up assets with good
short-term growth prospects.
SVG, which is looking to wind down, said on Monday it would
meet with HarbourVest later in the day to understand the details
of the offer, while continuing to work with the Goldman
J.P. Morgan Cazenove, Lazard & Co and Numis Securities are
SVG's financial advisers.
Shares in SVG were up 2.6 percent at 685.54 pence at 1129
GMT on the London Stock Exchange.
($1 = 0.8042 pounds)
(Reporting by Noor Zainab Hussain and addition reporting by
Pranav Kiran in Bengaluru; Editing by Sunil Nair and Anil