By Julien Morel,Warburg Pincus
Copyright jerseyeveningpost
A GLOBAL investment firm has until tomorrow to announce whether or not it will make a firm bid for Esplanade-headquartered JTC Group.
Permira Advisers submitted its fourth proposal to buy JTC, formerly Jersey Trust Company, on 9 September and its deadline to announce a firm intention to make an offer or declare it does not intend to proceed passes on 26 September.
Its three previous proposals were rejected by JTC’s board.
Permira is not the only firm eyeing up the fund administration services provider.
Private equity funds managed by Warburg Pincus has made a conditional non-binding proposal to acquire JTC’s entire issued and-to-be issued share capital.
This approach follows two earlier proposals from Warburg Pincus that JTC’s board unanimously rejected on 5 September and 11 September.
Under UK takeover rules, Warburg Pincus has until 10 October to announce what it intends to do.
Last week, JTC Group announced its interim results for the first half of this year. Over the period, revenue increased by 17.3% to £172.6m while core profits rose by 15.1% to £56.5m.
The business also completed its acquisition of Citi Trust on 1 July and announced its intention to acquire Kleinwort Hambros Trust Company, to complete by the end of this year.
