SVG Confirms Talks With Goldman, CPPIB About Possible Offer

  • SVG previously rejected HarbourVest bid for being too low
  • London-based firm also in talks with other potential bidders

SVG Capital Plc, the London-based private equity and investment management business, said a consortium made up of Goldman Sachs Group Inc. and the Canada Pension Plan Investment Board are considering making an offer for the British investor that would compete with HarbourVest Partners LLC’s bid.

SVG has also been approached by other potential bidders that are interested in making offers for the firm’s assets, the company said in a statement Monday. The company will update investors further on Tuesday. Representatives from Goldman and CPPIB declined to comment.

HarbourVest offered to buy SVG last month for about 1 billion pounds ($1.3 billion) in cash, or 650 pence per share. SVG, which invests in private equity firms, rejected the unsolicited offer as too low and urged investors not to accept.

SVG shares rose 1.50 pence to 680 pence at 3:23 p.m. in London Monday. They’ve risen 38 percent this year.

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