Tiny cries of anguish might have been heard across the City today as one of the suitors for London-based Xchanging confirmed it is standing up from the negotiating table, leaving only Capita seated.
LSE-listed Xchanging confirmed last month it had accepted Capita’s offer of 160 pence per share offer, valuing the BPO and software provider at £412m.
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Private equity firm Apollo – which had bid 170 pence per share for the company – has now pulled itself out of the running, Xchanging confirmed.
“Apollo Investment Fund VIII has notified Xchanging that it is no longer interested in potentially making an offer for Xchanging,” it stated.
Senior management at Xchanging accepted Capita’s offer in October because it ensured a “minimum certain outcome for shareholders”.
There may well have been some hope among Xchanging staffers that Capita could be headed off at the pass by the private equity player but this is no longer the case ... still, we hear Capita has a lovely canteen that is priced competitively.
El Chan has published its share of stories about the jiggery-pokery by those caring souls at Capita. We’ll set up a help desk for the newbies from Xchanging if and when the deal closes.
Chin up people, Christmas is around the corner. ®