The latest bid from TDR Capital for asset manager Arrow Global, its fourth offer so far, is worth 305p per share
A £540million offer for asset manager Arrow Global has been tabled by a private equity suitor after its previous advances were spurned.
The latest bid from TDR Capital, its fourth offer so far, is worth 305p per share.
All of its other offers were rejected by Arrow’s board on the grounds that they ‘undervalued’ the firm. But yesterday it said it was considering the latest proposal.
Shares in the company, which buys defaulted customer accounts from retail banks and credit card companies, rocketed 23.4 per cent, or 54p, to 284.5p after the announcement.
The company swung from a £32.5million profit to a £135.9million first-half loss in the six months to June 30, mainly due to a £134million writedown as it revalued its balance sheet in the face of the coronavirus crisis.
But Arrow said its collections performance was improving, with the business expected to return to profitability in the second half of the financial year.
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