(Reuters) - Private equity firm HabourVest offered to buy smaller rival SVG Capital’s investment portfolio for at least 783.1 million pounds ($973.8 million), looking to trump an offer from Goldman Sachs and the Canada Pension Plan Investment Board.
SVG Captal had accepted an offer of 748 million pounds from Goldman consortium on Thursday, saying it gave shareholders a better return than a hostile bid from HarbourVest.
HabourVest, which had previously offered to buy the whole company for $1.35 billion in cash, said Monday’s offer would allow SVG Capital to return over 700 pence per share to shareholders.
If the Goldman consortium’s bid prevails, SVG’s shareholders would ultimately get 680 pence.
HarbourVest launched a bid for the company on Sept. 12 at 650 pence per share, saying it was taking advantage of a weaker pound, following the Brexit vote, to snap up assets with good short-term growth prospects.
SVG, which is looking to wind down, said on Monday it would meet with HarbourVest later in the day to understand the details of the offer, while continuing to work with the Goldman consortium.
J.P. Morgan Cazenove, Lazard & Co and Numis Securities are SVG’s financial advisers.
Shares in SVG were up 2.6 percent at 685.54 pence at 1129 GMT on the London Stock Exchange.