De La Rue shares surge as £263m takeover confirmed
Banknote printer De La Rue has agreed to a binding offer to be taken over for £263m, sending its share price shooting up 17 per cent.
The 211 year-old currency printer’s board is backing a 130p a share offer from US private equity giant Atlas Holdings, compared to the 110p price it closed at yesterday.
It initially received a 125p a share offer in January from companies founded by private entrepreneur Edi Truell, valuing the firm at £246m.
Rumours over a potential buyout have pushed up De La Rue shares throughout the year, jumping 29 per cent since the start of 2025 and 330 per cent since its record low two years ago.
The firm was first listed on the London Stock Exchange in 1947.
“Investors will be relieved perhaps to see such a recovery,” said Steve Clayton, head of equity funds at Hargreaves Lansdown.
“But those with longer teeth are more likely to remember that De La Rue’s directors fought off an approach by French rival Oberthur back in 2010, an approach that was valued at over 900 pence per share. Whoops.”
Atlas, based in Connecticut, already has a host of British companies in its portfolio, including creative services fir ASG and construction group Bovis.
40 per cent of De La Rue’s stock is held by institutional investors that have pledged to support the takeover deal, including Schroders and notorious activist investment trust Crystal Amber.
In its half-year results, Crystal Amber crowed that the sale would lead to “a very substantial cash return for shareholders,” after having pushed for a significant shake-up or sale of De La Rue for years.
“The investment manager has consistently stated that the strategic value of De La Rue is far greater than its operational value and is fully supportive of De La Rue conducting its formal sale process,” said the trust.
Crystal Amber held a £21.5m stake in the firm, and is currently consulting with shareholders on what to do with the significant cash return it will make from the sales.
Today’s takeover offer for De La Rue does not include its authentication arm, which was agreed to be sold to New York-listed Crane NXT for £300m in October.
The sale came after a series of problems for the company, most recently being forced to defer significant pension payments into its retirement pot.