U.S. private equity firm HarbourVest extends $1.35 bln SVG bid

Fri Oct 7, 2016 2:28am EDT
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Oct 7 (Reuters) - U.S. private equity firm HarbourVest Partners said it had extended its $1.35 billion offer for smaller rival SVG Capital, even after the British firm accepted an offer for its investment portfolio from Goldman Sachs and the Canada Pension Plan Investment Board.

Boston-based firm HarbourVest said on Friday that an extension provides shareholders with additional time to consider its "compelling and final" offer.

The acceptance period for HarbourVest's hostile bid was extended to Oct. 13, the company said, adding that it had received valid acceptances for 27.7 percent of SVG's shares by Thursday afternoon.

HarbourVest launched its SVG bid on Sept. 12 at 650 pence a share, saying it was taking advantage of a weaker pound, following the Brexit vote, to snap up assets with good short-term growth prospects.

SVG, which is winding itself down, rejected HarbourVest's hostile approach last month saying it was talking to other suitors who might offer a better price.

(Reporting by Noor Zainab Hussain in Bengaluru; Editing by Adrian Croft)