IFG Group is set to be acquired by a private equity firm in a deal that values the parent company of platform and SIPP operator James Hay and wealth manager Saunderson House at approximately £206m.
The board of IFG has unanimously recommended the group's shareholders accept the cash offer from UK private equity business Epiris - formerly known as Electra Partners - for £1.93 per ordinary share. That represents a premium of some 46% on IFG's closing share price of £1.325 on 22 March 2019 and a multiple of roughly 21.4x IFG's adjusted after-tax earnings for the year ended 31 December 2018. According to IFG, it is intended the acquisition will be implemented by means of a High Court-sanctioned scheme of arrangement under Chapter 1 of Part 9 of the Companies Act 2019. The deal is...
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