Bidding war? Network International receives fresh £2.13bn takeover swoop from Brookfield
Payments provider Network International said private equity firm Brookfield Asset Management had swooped in with a bid to buy the firm today for about £2.13bn today.
This comes just days after an offer from private equity firms CVC Capital and Francisco Partners.
Brookfield’s proposal of 400 pence per share is higher than the 387-pence-per-share joint proposal from private equity firms CVC Capital and Francisco Partners.
Bosses at Network International said they were evaluating Brookfield’s proposal this morning, kicking off a potential bidding war for the largest payment processing firm across the Middle East and Africa.
“There can be no certainty that an offer will be made by Brookfield, nor as to the terms on which any offer might be made,” Network said in a statement.
Analysts at Jefferies had said earlier this week that several Network shareholders have suggested an offer above 400 pence per share would be acceptable.
Shares in Network international jumped beyond 11 per cent this morning.
The offer comes amid a flurry of takeover bids for UK PLC in the past week, with retail group THG on the receiving end of a bid from Apollo, which has launched a separate bid for oil and gas giant John Wood Group.
Analysts have been predicting a wave of takeovers this year as private buyers look to capitalise on low prices and snap up British firms on the cheap.