Oct 5 U.S. private equity firm HarbourVest
Partners said its offer for smaller rival SVG Capital
would give the British firm's shareholders a "clean break", with
HarbourVest absorbing the risks and uncertainties associated
with winding down operations.
SVG, which rejected HarbourVest's bid last month, said on
Tuesday it would sell half of its investment portfolio for 379
million pounds ($482 million) and wind down operations by the
end of 2017. SVG's statement came after HarbourVest earlier on
Tuesday urged shareholders to accept its offer.
"The SVG Capital proposals begin and end with complexity and
conditionality, offer little clarity as to value, are
non-binding and carry significant market and execution risk,"
HarbourVest's Managing Director David Atterbury said on
Harbourvest, which said on Sept. 12 that it was taking
advantage of a weaker pound to make a bid for SVG, offered 650
pence per share in cash, valuing the company then at $1.35
SVG said on Monday that it was in talks with a consortium
that included Goldman Sachs and the Canadian Pension Plan
Investment Board ("CPPIB").
(Reporting by Noor Zainab Hussain in Bengaluru; Editing by