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Serco Group PLC late last year received a takeover approach from private equity firm American Industrial Partners, Sky News reported on Friday afternoon. The Hampshire, England-based outsourcer, which manages various UK government contracts, was contacted late in 2023 by AIP about a potential bid. https://news.sky.com/story/us-buyout-firm-in-2-5bn-takeover-approach-for-outsourcer-serco-13056880 Sky News said it was unclear whether New York-based AIP had lodged a firm acquisition proposal, although the companies are nonetheless said to have engaged with each other. However, on Friday a source close to Serco told Sky News that it and AIP are no longer in active discussions. Sky added that a conventional 30% premium to Serco’s share price on Friday would value the FTSE 250 firm at approximately £2.5 billion. At the time the stock was trading at about 175 pence per share. Serco as of Monday has a market capitalisation of £1.90 billion. Shares in Serco were trading 0.9% lower at 172.50p each on Monday morning in London. Copyright 2024 Alliance News Ltd. All Rights Reserved.
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