Apax sees the next step in the battle for digital technology consultant Kin and Carta
A private equity firm has paved the way for a takeover battle over Kin and Carta, which advises companies on their technology strategies.
Apax Partners has laid the groundwork for a potential bidding war after saying yesterday that it was “considering its options.”
The company targeted Kin and Carta in October when it agreed to a takeover for 120 pence per share, valuing it at £203 million.
But this month the consultancy said it would instead accept a higher competing offer from Valtech – a company indirectly controlled by funds advised by London investment group BC Partners – of 130 cents per share, or £239 million.
But yesterday Apax said an earlier statement that the offer price would not be increased or revised was no longer in effect.
Tech consultant: Apax Partners has laid the groundwork for a potential bidding war for Kin and Carta after yesterday's statement that it was 'considering its options'
The latest statement added: 'Apax is considering its options and a further announcement will be made when appropriate.
'Shareholders of Kin and Carta are strongly advised not to take any action in response to Valtech's announcement in the meantime.'
The update leaves the door open for a battle for the company, which was previously known as St Ives and dates back to 1964.
It started as a printing group before diversifying into marketing services.
The company employs 1,800 people and is headquartered in London and has a base in Chicago, United States.
News of the company's likely departure from the London stock market, where it has been listed since 1985, came as another blow to the beleaguered City after several other delistings.