Dec 6 (Reuters) - Dutch financial services company
Intertrust has agreed to a takeover bid by corporate
services firm CSC for around 1.8 billion euros ($2 billion), the
companies said on Monday.
The all-cash-offer values Intertrust shares at 20 euros
each, they said in a joint statement a premium of around 59%
on their value on Nov. 11 when it had announced another possible
offer from private equity firm CVC Capital Partners.
However, Britain's CVC scrapped its 18 euro per share bid
That move followed a statement by Intertrust, in which it
said multiple entities had expressed interest in buying the
firm, with offers ranging up to 22 euros per share.
Shares in Intertrust rocketed nearly 69% since CVC's
interest was first announced, and on Friday closed more than 45%
higher at 18.34 euros.
"The total offer is still relatively cheap", KBC Securities
analysts wrote in a note. "We believe the 22 euros offer would
have made financial sense."
But Intertrust CEO Shankar Iyer told reporters the unnamed
party that had indicated the highest potential bid had not been
able to provide any details about the financing of the deal.
"We conducted a fair and thorough process. CSC represented
the best offer for the company", Iyer said.
Intertrust offers administrative, fund and private wealth
services to companies that set up branches, entities and shell
companies in more than 30 jurisdictions worldwide.
Last year it had net income of 20.8 million euros on revenue
of 565 million euros.
Its buyer, Corporate Services Company (CSC), is a U.S.-
based provider of corporate, legal and tax services founded in
1899 in Delaware.
The companies said Intertrust's headquarters would remain in
Amsterdam and that the deal should be completed in the second
half of next year.
($1 = 0.8863 euros)
(Reporting by Sarah Morland and Bart Meijer; editing by Richard
Pullin, Uttaresh.V and Emelia Sithole-Matarise)