Prior to Christmas De La Rue announced that it was in discussions with Disruptive Capital GP and Pension SuperFund Capital entities (the PSFC Entities) over a £1.25-a-share deal for at least 30%, and up to 40% of the business.
Today (9 January) De La Rue made a Stock Exchange announcement stating that the partial offer was not under consideration anymore, and had been replaced by a preliminary potential cash offer for the whole group.
“The possible cash offer would be conditional, amongst other things, on the successful completion of the already announced planned sale of the Authentication division to Crane NXT, waivable at the PSFC Entities' discretion.
“The board is considering its options.”
An extension has been granted until 5pm London time on 6 February for the deadline when the PSFC Entities need to make a firm offer, or not.
The £300m deal for its Authentication wing with Crane NXT was agreed three months ago.
Talks over the potential disposal of its remaining Currency wing are ongoing.
The £310m-turnover security printing PLC prints banknotes for the Bank of England, and has a contract to operate the Bank’s printing facility at Debden that runs until 2028.
Its largest shareholder currently is activist investor Crystal Amber Fund.
