Harbourvest Structured Solutions III LP has issued a full and final offer for SVG Capital at 650p cash a share. It said this provided superior cash value in the immediate term and certainty. "It also offers shareholders a single 'clean break', with HarbourVest absorbing the risks and uncertainties attendant in winding down SVG Capital," said HarbourVest's managing director, David Atterbury, in a statement. "We urge shareholders to accept our offer without delay," he said. HarbourVest noted SVG Capital's statement yesterday referring to the non-binding and highly conditional proposal of a partial sale of its investment portfolio and wind down of the company. It noted SVG Capital had conceded that there could be no certainty the proposals would be effected or as to their terms if any such proposals were so effected. HarbourVest slammed SVG Capital's proposals as uncertain, highly conditional, complex, prolonged and subject to significant market and execution risk. "The SVG Capital proposals begin and end with complexity and conditionality, offer little clarity as to value, are non-binding and carry significant market and execution risk," said Atterbury. "Many of SVG Capital's assumptions are not borne out through precedent transactions nor do they reflect the commercial realities of the private equity secondaries market. "In particular, no assurance can be given as to the initial sale of the investment portfolio or the value of the residual portfolio, which contains a significant proportion of immature investments whose value, both to shareholders and in the secondaries market, is far from certain."
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