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IPF agrees £543m takeover by BasePoint Capital, shares spark
(Sharecast News) - International Personal Finance on Monday said it had accepted a takeover offer from US-based BasePoint Capital in a deal worth £543m, sending its shares jumping almost 6%. IPF Shareholders will get 235p a share in cash, a 31% premium to the closing price when talks between the two specialist lenders started in July.
BasePoint, which offers subprime loans to people with poor credit scores, lifted its offer from 223p a share, after a backlash from major shareholders including Artemis Fund Managers, which has a 9% stake in IPF, according to media reports.
IPF provides door-to-door loans to consumers who cannot get credit from mainstream banks. Although it is headquartered in Britain, the bulk of its business is based in eastern European countries such as Poland and Hungary.
Reporting by Frank Prenesti for Sharecast.com
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