US private equity suitor drops bid to buy UK tech firm GB Group
By Daily Mail City & Finance Reporter
Published: | Updated:
Shares plunged after US predators abandoned plans to buy the British tech firm.
Shares fell 18.4 per cent, leaving the fraud prevention specialist valued at just £1.3bn, after Chicago-based private equity group GTCR pulled out of takeover talks without filing. an offer.
The move came four weeks after GTCR revealed it was considering making an offer that could have valued GB at more than £1.6bn.
GB Group shares fell 18.4% after Chicago-based private equity group GTCR pulled out of takeover talks without submitting an offer.
In a statement after the private equity group said it would not make an offer, GB said it had “early-stage discussions but could not agree on terms.” The sources said GTCR disagreed with the GB board on the price last week amid volatile market conditions and fears of a global recession.
One of their main concerns was whether GB would be able to keep customers in the face of a significant economic downturn.
Cheshire-based GB provides fraud protection technology for corporations.
The Mail on Sunday reported last month that GB had also attracted the attention of other private equity firms including Advent International, Hg, KKR, Cinven and Permira.
The sources said growing concerns about the global economy meant they too had stopped their search.
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