HarbourVest has announced that, in light of the proposals disclosed by SVG Capital yesterday, to sell SVG Capital’s entire portfolio to funds managed by Goldman Sachs Asset Management’s Alternative Investments & Manager Selection Group (Goldman Sachs AIMS Group) and certain investment entities managed by Canada Pension Plan Investment Board (CPPIB) for approximately £748m, it believes that an extension of its offer provides Shareholders of SVG Capital with additional time to consider said offer. As such, HarbourVest says that its offer will remain open until the next closing date which will be 1.00 p.m. (London time) on Thursday 13 October 2016.
HabrbourVest Bidco’s full and final cash offer is for 650p per SVG Capital Share. However, SVG Capital says that, under its proposals, which have an approximate aggregate value of 680p per share, approximately £1,064m would be returned to Shareholders. This will be achieved through a series of tender offers and the winding up of the company, as follows:
- £450m tender offer before year end at 680p per share
- £300m tender offer in January/February 2017 at 680p per share
- £270m tender offer in March 2017 at 680p per share
- Final capital distribution in the winding-up process expected to be in Q2 2017.
HarbourVest has also said that, as at 1.00 p.m. (London time) on 6 October 2016, this being the first closing date of the Offer, HarbourVest Bidco has received valid acceptances in respect of 43,246,700 SVG Capital Shares. This represents 27.7% of the existing ordinary share capital of SVG Capital, 26.6% of which were subject to an irrevocable undertaking and/or letter of intent. In addition to these acceptances, HarbourVest Bidco holds 13,305,961 SVG Capital Shares, representing 8.5% of the existing ordinary share capital of SVG Capital. Accordingly, as at 1.00pm on 6 October 2016, HarbourVest Bidco owned or had received valid acceptances of the Offer in respect of 56,552,661 SVG Capital Shares, which represent 36.2% of the existing ordinary share capital of SVG Capital. In addition, HarbourVest Bidco has an outstanding letter of intent to accept the Offer in respect of a total of 13,678,679 SVG Capital Shares, representing 8.8% of the existing ordinary share capital of SVG Capital.
HabourVest makes an extension to its offer for SVG Capital : SVI