(Reuters) - UK banknote printer De La Rue said on Tuesday it had commenced a formal sale process after it received preliminary takeover approaches from parties other than a consortium of British
De La Rue Starts Sale Process After Edi Truell's Interest
(Reuters) - UK banknote printer De La Rue 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De La Rue clarified that PSFC's earlier deadline to put a formal offer was no longer applicable.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.
(Reporting by Prerna Bedi in Bengaluru; Editing by Shreya Biswas)
