STM Group PLC on Tuesday said it has agreed in principal to a potential cash takeover offer worth nearly triple its current share price.
The London-based financial services provider said the possible offer from Pension SuperFund Capital is for 70 pence per share. STM shares closed at 27.90p on AIM in London on Monday. It had a market capitalisation of £16.3 million, so the offer from PSF would value STM just above £40 million.
The possible offer is from PSF Capital GP II Ltd as general partner of PSF Capital Reserve LP. PSF provides pension savings and pension risk transfers.
PSF is the controlling shareholder in Long Term Assets, a vehicle intended to give pension savers access to private market investments through a listing on the London market. Its biggest asset, Global InterConnection Group Ltd, listed on Euronext Amsterdam on Friday last week.
PSF has until August 8 to make a firm offer for STM or walk away. Should an offer be made at the price suggested, the STM board would recommend it unanimously to shareholders, the company said.
‘Discussions in relation to the possible offer are at a very early stage,’ STM cautioned. ‘There can accordingly, at this time, be no certainty that any offer will ultimately be made for the company.’
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