Norfin and Whitestar in acquisition bid
TDR Capital has made a takeover bid for Arrow Global – which in Portugal has Whitestar and Norfin, for €616 million.
TDR, a private equity manager, has launched a takeover for 100% of Arrow Global. Arrow Global, which buys distressed assets, is said to be studying the proposal.
Arrow is a European investor and asset manager which is being offered £3.05 per share by TDR Capital LLP according to international new agencies which would value the company at around £540 million (€616 million).
Arrow shares rose 29% on Monday after the offer.
An official source of Whitestar/Arrow told Jornal Económico, “We make no comment since Arrow Global Group is a company listed on the London Stock Exchange and the proposal is being analysed by the competent entities.”
Arrow Global, which already has Whitestar in Portugal, bought Norfin Investimento which is dedicated to asset management and real estate funds, for €17 million in 2018.
This proposal follows three previous ones launched in December and January 2021. Each one of these proposals was unanimously rejected by the Board of Arrow Global because each of them “undervalued Arrow Global and the potential of its client portfolio”, says the British company in what is now the fourth attempt to buy Arrow Global.
Arrow suffered a loss in the first half of 2020, mainly due to a non-recurring item (provision) of £134 million, resulting from a revaluation downward of its balance sheet in the face of the pandemic.