SVG confirms talks with Goldman Sachs and CPPIB

In the ongoing takeover saga of HarbourVest's unsolicited bid for SVG, the target manager confirmed in a press release that SVG has been discussing a potential competing offer with Goldman Sachs and CPPIB.

The investor also said in its statement another party referred to in a previous announcement has approached the board to express interest in bidding for SVG, provided it can find a partner to form a bidding consortium with. Additionally, a third competitor to HarbourVest which "the board understands... may be interested in considering an offer for the company" is mentioned in this morning's announcement.

SVG's statement comes after the investor last week implored its shareholders to reject HarbourVest's offer of 650 pence per share, saying it was courting other potential bidders. In a press release, HarbourVest countered, saying "there can be no certainty that a formal offer will be made by any other party for SVG Capital", in contrast with the fund-of-funds manager's own bid.

Over the weekend, media reports named Goldman Sachs and CPPIB as the hitherto unnamed third party, leading SVG to make a formal confirmation.

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• Topics
• LPs
• Performance
• SVG Capital
• HarbourVest
• Goldman Sachs