HarbourVestPartners LLC said Oct. 7 that it extended the acceptance period forHarbourVest Structured Solutions III LP's final cash for to 1 p.m. London timeon Oct. 13.
As of the prior closing date of the offer – Oct. 6 –HarbourVest Structured Solutions has received valid acceptances in respect of 43,246,700shares in SVG Capital, representing a 27.7% stake, of which 26.6% were subjectto an irrevocable undertaking and/or letter of intent.
The HarbourVest unit holds an 8.5% stake in SVG Capital,meaning it owned or had received valid acceptances of the offer in respect of a36.2% stake in SVG Capital by Oct. 6. The unit also has an outstanding letterof intent to accept the offer in respect of 13,678,679 SVG Capital shares,representing an 8.8% stake in SVG.
SVG Capital's board has agreed in principle over a proposed sale of its entireinvestment portfolio to funds managed by Goldman Sachs Asset Management'sAlternative Investments & Manager Selection Group and certain investmententities managed by the Canada Pension Plan Investment Board for approximately£747.8 million, subject to adjustment for calls and distributions from July 31.
The proposed sale is subject to HarbourVest's offer lapsingor being withdrawn, as well as on shareholder approval.