Virtus shares had been up 2.9 per cent to $7.47 simply earlier than 2pm after touching a excessive of $7.54.
The Virtus board has but to guage the brand new BGH proposal, which outdoes CapVest’s $650 million supply and can be topic to situations comparable to a unanimous suggestion for the deal from the board.
BGH says it additionally wants to finish 4 weeks of due diligence and Virtus to agree to not promote any materials belongings or enter any three way partnership earlier than a sale is finalised.
The personal fairness agency dug its heels in earlier in February, changing its pre-bid choices to a 19.99 per cent voting shareholding within the firm. BGH informed Virtus it will vote these shares in opposition to the CapVest proposal.
“BGH will vote all Virtus shares that it owns or controls on the related time in opposition to any CapVest proposal to accumulate Virtus,” the agency mentioned.
“BGH won’t settle for into any takeover supply from CapVest with respect to all Virtus shares that it owns or controls on the related time.”
The opposition would have made it troublesome for the CapVest proposal to rise up as a scheme of association as a result of this construction requires 75 per cent of voting shares solid in favour to proceed.
CapVest had proposed a separate construction at a lower cost that will have wanted simply 50.1 per cent of Virtus shares solid in favour of the deal to get across the opposed BGH voting bloc.