Xchanging confirms Capita and Apollo acquisition bids
Business processing company Xchanging has announced it has received separate approaches from process management firm Capita and private equity firm Apollo Global Management, which may lead to an offer being made for Xchanging.
The firm confirmed the approaches in a statement on the London Stock Exchange this morning.
It claimed that Capita made three proposals of 140 pence per share in cash, followed by 145 pence and 155 pence to acquire the company on 11 August, 2015, 25 August and 17 September, respectively. These were all declined.
Xchanging finally granted due diligence access to Capita after the firm made a bid of 160 pence per share in cash on 24 September, 2015.
Separately, the board of Xchanging has received a non-binding conditional proposal from Apollo to acquire the Company at 170 pence per share in cash. The board of Xchanging has also granted due diligence access to Apollo.
Xchanging has claimed that there is no certainty that any formal offer will be made. It said further announcements will be made in “due course, as appropriate”. The firm has advised its shareholders are to retain their shares and to take no action.
Both Apollo and Capita are required to either announce a firm intention to make an offer for Xchanging or to announce they do not intend to make an offer by no later than 5pm on November 2, 2015.
