Apax backs down from Kin and Carta bidding war
In a stock exchange notice today, Apax said that its offer for a takeover of the digital transformation company formerly known as St Ives has lapsed.
Private equity heavyweight Apax has bailed on its takeover bid for Kin and Carta after it was outbid by a rival.
In a stock exchange notice today, Apax said that its offer for a takeover of the digital transformation company formerly known as St Ives has lapsed.
The private equity group first bid for Kin and Carta in October, valuing the firm at £203m.
However, Kin and Carta said they were not happy with the valuation, and Apax eventually increased the offer to £220m.
At the end of December, Apax rival Valtech offered £239m for the company, leading Kin and Carta to withdraw their recommendation of accepting the Apax bid.
Valtech is a digital services firm controlled indirectly by funds advised by BC Partners, a London-based international investment firm.
Last month, Apax said it would not be returning with an increased offer, and the timeframe for it to return with a higher bid expired on Friday.
The move left the door open for Valtech to move ahead with its offer for the company.
Kin and Carta is currently valued at £228.8m on the London Stock Exchange, though its stock price has jumped 35 per cent over the last six months as bids have rolled in.
