IFG Group Plc, the subject of two takeover approaches since April, said it’s entered exclusive talks on a potential 231.2 million-euro ($334 million) accord with Bregal Capital LLP, the london-based private equity firm.
“If concluded, the proposal contemplates a transaction whereby IFG shareholders would receive a cash offer of 1.80 euros ($1.80) per IFG share cum dividend,” the Dublin-based pensions adviser and administration company said in a statement today. Bregal may provide an alternative for IFG shareholders to reinvest their offer proceeds in the bid vehicle, it said. The exclusivity period expires Oct. 10.
IFG has risen 27 percent in Dublin trading this year, making it the fourth-best performing stock on the 51-member ISEQ Index after the company said May 4 it received a takeover approach. The second approach was from Fiordland Investment Ltd., which owns 19 percent of the company, in May.
IFG’s first-half operating profit rose to 11.9 million pounds ($19.4 million) from 9.8 million pounds a year earlier, it said in a separate statement. This is the first time the company has reported figures in sterling.