SVG hits back at HarbourVest, says rival bidders may emerge

SVG Capital CEO Lynn Fordham

SVG Capital

SVG CEO Lynn Fordham: Harbourvest bid undervalues company and assets

The listed fund-of-funds firm said in a statement on September 16 it had received approaches “from a number of credible parties”, that “could deliver superior value” to the unsolicted offer from HarbourVest.

SVG pulled forward its half-year results to announce a net asset value of 735p per share as of July 31- far higher than the 650 pence a share level of the HarbourVest bid. The NAV is a 12% increase over six months and a 21% uplift compared to a year earlier.

SVG CEO Lynn Fordham said in the statement: “The board believes that the unsolicited final offer from HarbourVest BidCo undervalues the Company and its assets.”

The firm said its board was in discussions with other interested parties and would update the market when in a position to do so.

SVG generated £124 million of gross proceeds from the sale of NXP Semiconductors from Permira’s investment portfolio. It made three new fund commitments to IK Investment Partners, L Catterton and Cinven funds totalling £273 million during the period.

The listed fund of funds investor has appointed Lazard, Numis Securities and JP Morgan to defend against HarbourVest’s bid.

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