De La Rue, one of Britain’s most venerable listed companies established in the 1820s, faces the prospect of private ownership following a £244 million takeover approach from British financier Edi Truell.
The prominent entrepreneur has expanded his initial partial offer for 40 per cent of the banknote printer into a comprehensive takeover bid at 125 pence per share through his private entities, Disruptive Capital and Pension SuperFund Capital.
The proposed deal hinges on De La Rue’s completion of a £300 million sale of its authentication division to American-listed rival Crane NXT. The bid emerges amid a wave of British corporate acquisitions, following the recent £3.6 billion takeover of International Distribution Services by Czech billionaire Daniel Kretinsky.
Central to Truell’s strategic interest is the management of De La Rue’s substantial staff pension scheme, which currently overshadows the operating business with liabilities of £689 million and a £50 million deficit. The scheme’s trustees hold significant influence with first rights over asset sale proceeds and dividend distribution.
The once FTSE 100-listed company has weathered numerous challenges, including the global shift towards cashless transactions, corruption investigations, quality control issues, and the loss of its British passport printing contract. The company’s board is actively exploring the sale of its remaining banknote printing operation.
Crystal Amber, an activist investor holding a 16.5 per cent stake, remains a crucial player in negotiations, having previously indicated a target price of 150 pence per share. De La Rue’s shares responded positively to the news, climbing 8.3 per cent to close at 111 pence. Under takeover regulations, Truell must formalise his bid by 6 February or withdraw from the process.
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