Carlyle in talks on $770 million takeover of UK's Innovation Group
Reuters
Published Aug 28, 2015 06:55AM ET
Carlyle in talks on $770 million takeover of UK's Innovation Group
LONDON (Reuters) - U.S. private equity firm Carlyle (O:CG) is in advanced talks about buying Innovation Group (L:TIG) for 40 pence a share in cash, valuing its equity at almost 500 million pounds ($769 million), the British software company said on Friday.
Innovation, which provides software and services to help insurers process claims, said the talks may or may not lead to a deal.
Shares in Innovation Group, which have risen by 18 percent in the last 12 months, were trading 6 percent higher at 37.5 pence at 1029 GMT.
Under takeover rules, Carlyle has until Sept. 25 to make a firm offer for Innovation or announce it does not intend to make an offer.
Innovation Group is being advised by Investec.
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Written By: Reuters
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