Motor insurance firm Admiral Group has rejected demands made by a number of private equity suitors bidding for its online arm, Confused.com. In a statement, the company said that private equity involvement would 'weaken the board's flexibility to determine the strategy of Confused and restrict the ability to maximise Confused's potential as part of the Admiral Group in the medium to long term.' It is understood that the number of board seats demanded by investors was the deal-breaker. Confused.com had been valued by prospective bidders at between £600m and £650m, a valuation in excess of analyst calculations.
Multi-family office has seen strong appetite, with investor base growing since 2016 to more than 90 family offices, Meiping Yap told Unquote
Sponsor deploys Permira VIII to ride new wave of take-privates; Blackstone commits GBP 200m in financing for UK-based CRO
Sponsor acquired the public software group in July 2017 via the same-year vintage Partners Group Global Value 2017
EQT and Cinven seen as bellweather for funds to reassess options for listed assets trading underwater