Wednesday 28 April 2021 11:06 am

Equiniti receives sweetened £661m takeover bid from US private equity firm

Equiniti Group has received a revised offer from US private equity investor Siris Capital, to buy the outsourcer for around £661m in cash.

Siris revised its bid to 180 pence per share following discussions, London-listed Equiniti said.

Read more: Equiniti chairman admits 2020 was a ‘difficult year for shareholders’ as profits tumble

In early April, Siris submitted a non-binding proposal for 170 pence per share, which Equiniti said it would evaluate “carefully in all respects”.

Rothschild & Co and Citi are acting as Equiniti’s advisers.

Equiniti, which manages pensions, employee share schemes and other back-office services for FTSE 100 companies, had a tough year last year, with the business recording reduced revenue, EBITDA and profit in its annual results.