CVC drops $1.8bn bid for Intertrust

Dec 1, 2021 | News

CVC Capital Partners

British private equity firm CVC Capital Partners said on Wednesday it has pulled out of takeover talks with Dutch financial services company Intertrust.

CVC had launched a 18 euro bid per share for Intertrust on Nov. 11 which valued the firm at 1.63 billion euro ($1.83 billion).

But Intertrust, which offers administrative services as companies set up branches, entities and shell companies in various jurisdictions, said on Nov. 22 it had received multiple non-binding takeover offers of up to 22 euros per share, without naming CVC’s rivals.

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CVC said in a statement it is no longer in talks with Intertrust.

Shares in Intertrust fell 4.5% to 19.54 euros by 0801 GMT on Wednesday, still well above the 17.50 euros it traded at in early November before the CVC bid was announced.

Intertrust made a net income of 20.8 million euros on revenue of 565 million euros in 2020. ($1 = 0.8889 euros) (Reporting by Toby Sterling, Editing by Louise Heavens)

Source: Reuters

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