by private U.S. rival CSC for around 1.8 billion euros. The offer of 20 euros per share in cash is 59% above Intertrust’s share price before takeover interest emerged last month. It’s also 11% higher than the 18 euros per share proposed by private equity group CVC, which owns Dutch rival TMF but withdrew last week.
Investors are probably breathing a sigh of relief. Intertrust’s stock market performance has been disappointing, with the shares consistently trading below their initial public offering price. CSC’s offer values the company at 12 times 2020 EBITDA, according to Refinitiv data. Rival Sanne was sold earlier this year for 29 times. But Intertrust’s business is growing slowly and faces regulatory headwinds as developed countries crack down on companies shifting profits between different corporate entities to minimise tax. Teaming up with a U.S. rival offers a welcome escape.
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