- Allfunds Group Eo-,0025
- 03 May 2024 20:53:59
Source: Sharecast
Amsterdam-listed Allfunds received multiple expressions of interest, but its board decided not to proceed with a sale, Bloomberg reported, citing sources who asked not to be identified discussing confidential information.
Allfunds opted to shelve the process after the offers it received didn’t fully reflect its growth prospects, they said. On Tuesday, it announced in a trading update that net revenue for the first quarter had increased 18% year-on-year to €153m.
Shares in the company slumped as much as 11% in Amsterdam after the report. It reportedly in November started gauging takeover interest from private equity firms including Cinven, CVC Capital Partners and Permira. Investment firm Motive Partners also was among those considering a bid.
Allfunds is roughly 49% owned by private equity firm Hellman & Friedman and French lender BNP Paribas SA. Hellman & Friedman is supportive of the decision by Allfunds to call off a potential sale, the report stated.
The company provides fund managers and distributors with systems for dealing and execution, data analytics and compliance services.
Reporting by Frank Prenesti for Sharecast.com