HarbourVest further extends deadline for SVG share offer

Having initially been extended from 6 October to 13 October, the deadline for HarbourVest's share offer has now been extended until 18 October.

The move is in order to allow both parties to conclude alternative negotiations around a £783.1m proposal for HarbourVest to acquire SVG's investment portfolio, without the share offer lapsing.

The extension of the share offer deadline is the latest development in a month-long battle for SVG. Two consortiums – one comprising Pantheon Ventures and Pomona Capital and the other comprising Goldman Sachs and Canada Pension Plan Investment Board (CPPIB) – have made rival asset-based takeover bids for SVG.

SVG said in a statement it is continuing to pursue the potential deal with Goldman Sachs and CPPIB. It did not deny that it was in discussions with HarbourVest surrounding an asset-based deal, though it reiterated its recommendation that shareholders reject the suitor's share offer, which values SVG shares at 650 pence apiece.

In relation to its share offer, HarbourVest said it has now received "valid acceptances" in respect of 27.7% of SVG's share capital, which combined with its existing 8.5% stake would represent a 36.2% stake in the business.

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