IFG to update market on takeover
The Dublin-headquartered pensions and mortgage specialist has been on the radar of potential buyers since April and announced at its June annual general meeting that it had opened its books for due diligence purposes to two interested parties. It had been anticipated that any takeover of IFG would be largely concluded by early August, given that due diligence — by both the London-based private equity house Bregal Capital and IFG’s major shareholder, Fiordland Investments — was due to begin 10 days after the June 30 AGM and last for a maximum of six weeks, after which time both parties were obliged to either table firm offers for the group or walk away from the process.
The Bloomberg news agency reported yesterday that IFG had approached its two potential bidders to make non-binding offers for the business before the publication of its interim results, but did not state the source of this report.
