De La Rue begins formal sale process after interest from Edi Truell's consortium, others (updated)
04/02/2025 16:32
(Recasts paragraph 1, adds details and background on deal talks
throughout)
Feb 4 (Reuters) -
UK banknote printer De La Rue DLAR.L said on Tuesday it
had commenced a formal sale process after it received
preliminary takeover approaches from parties other than a
consortium of British financier Edi Truell's companies.
Shares of the company rose as much as 8.7% to 125 pence
after the announcement.
De La Rue said the consortium, which consists of Truell's
Disruptive Capital GP and Pension SuperFund Capital (PSFC), has
offered to buy it through the issuance of a debt instrument and
a share buyback.
The proposed buyback is priced at 125 pence per share,
which the consortium had earlier offered.
The consortium had in January proposed to buy De La Rue
for $301 million.
"The company expects interested parties to submit an
expression of interest by 31 March 2025," said the printer of
the new King Charles III currency notes in the UK.
De La Rue clarified that PSFC's earlier deadline to put
a formal offer was no longer applicable.
The company is also in talks for the sale of its
authentication arm
for $391.3 million, including debt, to U.S. rival Crane NXT
CXT.N .
(Reporting by Prerna Bedi in Bengaluru; Editing by Shreya
Biswas)
((Prerna.Bedi@thomsonreuters.com; +91 98052 24616;))