LONDON - British security printing company De La Rue (LON:DLAR) PLC is currently evaluating a full takeover proposal from investment entities Disruptive Capital GP Limited and Pension SuperFund Capital (PSFC Entities). After initially discussing a potential partial offer for 40% of its shares, De La Rue is now considering a preliminary conditional cash offer for its entire issued and to be issued share capital at £1.25 per share.
The offer is contingent on the successful sale of De La Rue's Authentication division to Crane NXT, Co., a transaction that was previously announced and is currently in progress. The PSFC Entities have the option to waive this condition if they choose.
The Panel on Takeovers and Mergers has granted De La Rue's request for an extension on the deadline for the PSFC Entities to declare their firm intention to make an offer. The new deadline is set for 5:00 p.m. London time on February 6, 2025. This deadline may be further extended with mutual consent from De La Rue and the Panel.
De La Rue has also disclosed that discussions regarding the sale of its Currency division are advancing with other interested parties, but there is no certainty that any offer will be made.
The PSFC Entities reserve the right to modify the terms of their proposal, including the type and amount of consideration offered. Changes to the offer could occur with the Board of De La Rue's recommendation, if a competing offer is made by another entity, or following specific corporate actions by De La Rue.
As the situation evolves, De La Rue has stated that further announcements will be made as necessary. It should be noted that there is no guarantee a firm offer will be made, even if the aforementioned conditions are satisfied or waived. This update is based on a press release statement from De La Rue.
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