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​US private equity firm HarbourVest wins battle for SVG Capital

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first_imgIt also claimed commitments of support amounting to 51.2% of the SVG Capital shares, including its own holding.But SVG Capital fought back, agreeing the sale of its entire investment portfolio to Goldman Sachs Asset Management’s Alternative Investments & Manager Selection (AIMS) Group, and other investors managed by the Canada Pension Plan Investment Board (CPPIB), which equated to around 680p per share.This valued its portfolio at £748m.Three weeks after its offer was launched, HarbourVest Bidco had acceptances representing only 27.7% of shares, besides its own 8.5% holding.With time running out on the offer, SVG Capital then announced it had received a further proposal from HarbourVest Bidco, but that it was still finalising the terms of the asset sale to Goldman Sachs AIMS Group and CPPIB.The upping of HarbourVest’s offer to 715p, however, appears to have been the killer blow in the battle.Andrew Sykes, chairman of SVG Capital, said: “The company has a high-quality portfolio with real scarcity value, and, through this process, a number of highly credible and seasoned private equity investors have made offers for some or all of the investment portfolio.“We are recommending HarbourVest Bidco’s asset purchase transaction to acquire the Company’s investment portfolio since we believe it provides the most compelling combination of value and certainty of deliverability of any of the proposals submitted to the company.”David Atterbury, managing director at HarbourVest Bidco, said: “The transaction seeks to optimise the combination of value and certainty of returns to shareholders, and we look forward to working closely with SVG Capital going forward to obtain shareholder approval and effect the transfer of assets.”The deal is subject to approval by SVG Capital’s shareholders, with the related general meeting likely to be held in December. US private equity firm HarbourVest Bidco has won a month-long battle for SVG Capital, with the UK-listed private equity investor signing over all of its investment portfolio for around £807m (€899m).SVG Capital said this represented a 0.6% premium on the £802m value of its investment portfolio as at 31 July 2016, equal to around 715p per share.It expects around £1.1bn to be returned to shareholders through a series of tender offers and the company’s winding up.The takeover battle started in mid-September when HarbourVest Bidco made a hostile bid to buy SVG Capital, with a cash offer for 650p per share, after acquiring 8.5% of the firm’s ordinary share capital.last_img read more

Three wins from three for Tipp teams on Saturday

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first_imgTipp’s ‘never say die’ attitude made it three wins from three yesterday as the hurlers and footballers progressed through their qualifier games against Dublin and Cavan respectively, and the Ladies Footballers were crowned Munster Intermediate Champions.Both the footballers and ladies footballers came back from half time defecits – the senior footballers were 6 points down against Cavan, while the ladies were 1-10 to 4 points down against Clare.Tipp Ladies won their game thanks to a second half goal spree, leaving the final score 4-9 to 1-15. Their manager Shane Ronayne spoke to Tipp FM Sport after the game and told us what he said at half time…While the footballers had a second half penalty scored by Conor Sweeney and a Robbie Kiely goal to thank for their win on a scoreline of 2-15 to 18 points.Golden Kilfeacle’s Josh Keane says they’re delighted to get over the line.Meanwhile their manager Liam Kearns says they’re hoping for a home draw in the qualifiers tomorrow morning..Meanwhile it was a more straightforward affair for the hurlers in Semple Stadium.Two goals each from Seamie Callanan and John McGrath in the first half put the Premier on the front foot early on, and a goal 19 seconds into the second half from Michael Breen ensured Tipp had the lead well secured.Callanan completed his hat-trick in the second half – he scored a total of 3-11 for the Premier.Tipperary silenced their critics, beating Dublin by 22 points.It finished up Tipperary 6-26 Dublin 1-19.Tipp manager Michael Ryan says they’re delighted with the win…last_img read more