SVG Capitalplc's board asked shareholders to turn down HarbourVest StructuredSolutions III LP's offer of 650 pence per share for SVG, saying it is in"detailed discussions" with several parties that may lead "to analternative transaction" delivering better shareholder value.
HarbourVestPartners LLC's indirectly owned investment vehicle made anunsolicited offer toacquire SVG Capital for approximately £1.02 billion.
The company said that the offer represents a of 16.5% to the valueof the investment portfolio as of July 31 and a discount of 11.5% to the netasset value of 735 pence as of that date.
The board will announce an update on the status of thediscussions on or before Oct. 3.
Coller Capital, which owns 27% of SVG Capital, is in favorof HarbourVest's offer while the company's original founder and second-biggestshareholder, Schroders, supports SVG Capital's board, according to a Sept. 29report by The Telegraph.