British financier approaches banknote firm De La Rue over £245m takeover

Banknote printer De La Rue has been approached over a £245 million takeover deal by British financier Edi Truell.

Shares in the firm jumped by over a tenth on Thursday as a result.

The London-listed company held talks over the possible sale of a 40% stake to a consortium of two of Mr Truell’s companies, Disruptive Capital GP and Pension SuperFund Capital, last month.

It had received an approach worth 125 pence per share for the stake but said on Thursday that Mr Truell’s Pension SuperFund Capital (PSFC) has now tabled a 125 pence per share preliminary offer for the entire company.

It added that the offer for part of the business is no longer being considered.

De La Rue said it is considering the deal, which is conditional on De La Rue completing a planned move to sell its authentication arm to Crane NXT for £300 million.

The move sparked the break-up of the business, which has been struggling with a downturn in demand for cash since the pandemic, while in July it cautioned over its ability to continue as a going concern due to the payment of a loan due in July next year.

The deal with Crane NXT will allow it to repay the loan in full, while also helping reduce the funding deficit on its former defined benefit pension scheme, according to De La Rue.

The Basingstoke-based group, which prints banknotes for the Bank of England and other central banks across the world, has also held talks over the possible sale of the currency division.

In a statement to the stock market, the company added: “Discussions with other parties in relation to the disposal of the company’s currency division continue to progress.

“At this stage there can be no certainty that any such proposals may be made.”

PSFC now has a deadline of February 6 to confirm whether it will make a formal takeover bid or walk away from the deal.