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Apollo and Capita compete to take over Xchanging
Sky News has learnt that Xchanging, which specialises in managing back office and associated services for insurers and other companies, has been approached by several parties about a deal, including the private equity giant Apollo Management.
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Capita initially offered 140 pence per share and subsequently raised it to 160p per share in cash, valuing Xchanging at £397m after Xchanging said it would need to increase its price significantly for its offer to be considered. Capita said it first approached the firm with its takeover plan in August.
Apollo had made an offer of 170 pence per share, said Xchanging, valuing the British outsourcing company at about 421 million pounds ($640.5 million) based on the company’s outstanding shares on September 24.
“The Board believes Xchanging has a leading insurance software business and an enviable position in the insurance market, a stable capital markets business, and a growing Applications Services business”, said Xchanging.
A third player, perhaps a peer in global financial services support, could join the fray, Speakman added.
Xchanging said there was no certainty of an offer and told its shareholders to keep their shares and to sit tight.
Xchanging said in a statement dated October. 4 that it had granted both firms due diligence access. The FTSE-100 company made its first proposal on August 11.
The offer is likely to be funded substantially from the net proceeds of a placing of new Capita shares. Further announcements will be made in due course, as appropriate.
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Apollo was not immediately available for comment outside of regular business hours in the United States.