(Bloomberg) -- De La Rue Plc got a takeover approach for the entire company by the same investors who proposed to buy almost half of the British currency printer last year.
Disruptive Capital GP Ltd. and Pension SuperFund Capital are making a preliminary conditional cash offer for £1.25 a share, the same price as earlier, De La Rue said Thursday. That’s 22% above Wednesday’s close.
De La Rue, which prints banknotes for the UK and other countries, has seen declining demand for its products as many switch to contactless and online payments, leading to multiple profit warnings in recent years. It agreed to sell its authentication arm to Crane NXT Co. in October last year, precipitating a breakup of the more than 200-year-old British company.
The Basingstoke, England-based firm’s board is considering its options. The offer would be conditional on the completion of the planned sale to Crane NXT.
Under the UK takeover rules, Disruptive Capital and Pension SuperFund now have until 5 p.m. local time on Feb. 6 to announce a firm intention to make an offer or walk away.
De La Rue shares surged as much as 14% to £1.17 in London trading, the biggest intraday gain in almost three months.
Read: UK Banknote-Printer De La Rue Jumps on Stake Sale Talks
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