Business
Dubai-based Network International receives $2.61 bln cash offer from CVC
Dubai-based Network International Holdings Plc said it received a non-binding takeover bid from CVC Capital Partners and Francisco Partners valued at about $2.61 billion (£2.1 billion).
The Middle Eastern credit card processor said in a statement on Monday that it would be minded to accept the all-cash proposal of 387 pence per share should CVC and Francisco make a firm offer.
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It has agreed to provide the consortium with access to confirmatory due diligence.
Network International said the latest proposal follows a series of others that had been rejected. CVC and Francisco have until 5 p.m. UK time on May 11 to announce their intention to make a firm offer.
Bloomberg News reported over the weekend that talks about a takeover of Network International were advanced.
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