A private equity company has paved the way for a takeover battle over Kin and Carta, which advises businesses on their technology strategies.
Apax Partners has laid the groundwork for a possible bidding war following its statement yesterday that it was ‘considering its options’.
The firm swooped on Kin and Carta in October when it agreed a 120p per share takeover, which valued it at £203million.
But this month, the consultancy said that it would instead accept a higher rival bid from Valtech – a firm controlled indirectly by funds advised by London investment group BC Partners – at 130p per share, or £239million.
But yesterday Apax said a previous statement that the offer price would not be increased or revised was no longer in effect.
Tech consultant: Apax Partners has laid the groundwork for a possible bidding war for Kin and Carta following its statement yesterday that it was ‘considering its options’
The latest statement added: ‘Apax is considering its options and a further announcement will be made when appropriate.
‘Kin and Carta shareholders are strongly advised to take no action in response to the announcement by Valtech in the meantime.’
The update leaves the door ajar for a tussle over the firm, which was previously known as St Ives and dates back to 1964.
It started out as a printing group before diversifying into marketing services.
The company employs 1,800 workers and has its headquarters in London and a base in Chicago in the United States.
News of the company’s likely departure from the London stock market, where it has been listed since 1985, came as another blow to the beleaguered City after several other delistings.
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