De La Rue has received a preliminary takeover offer from a group of investors who previously made a bid in December for up to 40% of the UK banknote printer. Disruptive Capital GP and Pension SuperFund Capital have proposed a conditional cash offer of £1.25 per share, which represents a 22% premium over De La Rue’s closing price on Wednesday.
Last December, the investors expressed interest in a potential partial offer at the same share price. Any agreement is contingent upon the completion of a previously announced deal to sell De La Rue’s authentication business to Crane NXT for £300 million.
With a history spanning over 200 years, De La Rue has faced challenges in recent years largely due to the increasing popularity of digital payments. In 2023, the company reported that demand for banknotes was at its lowest level in over two decades, with central banks having stockpiled notes in anticipation of the millennium bug. This decline has led to a low order book heading into FY24.
In a recent update, the board has indicated that it is “considering its options” and discussions with other parties are ongoing. Disruptive Capital and Pension SuperFund have until February 6 to announce a firm intention to make an offer.