(Reuters) -Britain's International Personal Finance said on Wednesday it received an enhanced 514.9 million pound ($693.31 million) takeover proposal from U.S.-based specialty finance group BasePoint
UK's IPF Shares Surge on Basepoint's Enhanced $693 Million Bid
(Corrects typo in paragraph 2)
(Reuters) -Britain's International Personal Finance said on Wednesday it received an increased 514.9 million pounds ($693.31 million) takeover proposal from U.S.-based specialty finance group Basepoint Capital, sending its shares up about 10%.
The London-listed lender said its board would be prepared to accept a firm offer at that level, placing IPF among the increasing number of UK companies being acquired amid relatively cheaper valuations.
Under Basepoint’s proposal, IPF shareholders would receive 235 pence per share in cash, a 6.8% increase from a previous bid of 220 pence on July 30.
Shares in the Leeds-headquartered company rose as much as 9.8% to 218.5 pence, the highest since January 2019.
The latest proposal represents a premium of 31.1% to the British company's closing price on July 29, the day before the first approach was made public.
IPF said it would be minded to unanimously recommend the revised proposal to shareholders if Basepoint makes a firm offer by October 22.
($1 = 0.7427 pounds)
(Reporting by DhanushVignesh Babu in Bengaluru; Editing by Mrigank Dhaniwala and Tasim Zahid)
