Allfunds Abandons Discussions About Potential Sale [BNN Bloomberg (Canada)]
BNP PARIBAS SPONS ADR (BNPQY)
NASDAQ:AMEX Investor Relations:
invest.bnpparibas.com/en
Company Research
Source: BNN Bloomberg
Amsterdam-listed Allfunds received multiple expressions of interest about a deal but its board decided not to proceed with a sale, according to the people, who asked not to be identified discussing confidential information. Allfunds opted to shelve the process after the offers it received didn't fully reflect its growth prospects, they said. On Tuesday, Allfunds announced in a trading update that net revenue for the first quarter had increased 18% year-on-year to €153 million ($164 million). Bloomberg News reported in November that Allfunds had started gauging takeover interest from private equity firms including Cinven, CVC Capital Partners and Permira. Investment firm Motive Partners also was among those considering a bid. Allfunds is roughly 49% owned by private equity firm Hellman & Friedman and French lender BNP Paribas SA. Hellman & Friedman is supportive of the decision by Allfunds to call off a potential sale, the people said. Representatives for Allfunds and Hellman
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