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Network International Holdings PLC on Monday confirmed that it has received a non-binding takeover proposal from a private equity consortium.
Shares in the Middle East and Africa-focused payments provider jumped 19% to 360.00 pence each in London on Monday morning. It has a market capitalisation of £1.94 billion.
It said it has received a ‘non-binding’ takeover proposal from CVC Advisers Ltd and Francisco Partners Management Ltd.
The consortium has offered to pay 387p per Network International share. This is a 58% premium to the company’s shares closing price of 244.40p on Wednesday, being the last business day before the first announcement was made.
‘The board of Network has concluded that the proposal is at a value that the board would be minded to recommend to Network shareholders,’ Network International said.
On Thursday, Network International said it had received a ‘preliminary and conditional’ takeover proposal.
The consortium has until the close of play on May 11 to announce when or not it plans to make a firm offer.
‘There can be no certainty that an offer will be made,’ Network International added.
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