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    INTER   NL0010937058

INTERTRUST N.V.

(INTER)
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Intertrust agrees to $2 bln takeover bid from corporate services firm CSC

12/06/2021 | 01:58am EST

Dec 6 (Reuters) - Dutch financial services company Intertrust has agreed to a takeover bid by corporate services firm CSC for around 1.8 billion euros ($2 billion), the companies said on Monday.

The all-cash-offer values Intertrust shares at 20 euros each, they said in a joint statement — a premium of around 59% on their value on Nov. 11 when it had announced another possible offer from private equity firm CVC Capital Partners.

However, Britain's CVC scrapped its 18 euro per share bid last week.

That move followed a statement by Intertrust, in which it said multiple entities had expressed interest in buying the firm, with offers ranging up to 22 euros per share.

Shares in Intertrust rocketed nearly 69% since CVC's interest was first announced, and on Friday closed more than 45% higher at 18.34 euros.

"The total offer is still relatively cheap", KBC Securities analysts wrote in a note. "We believe the 22 euros offer would have made financial sense."

But Intertrust CEO Shankar Iyer told reporters the unnamed party that had indicated the highest potential bid had not been able to provide any details about the financing of the deal.

"We conducted a fair and thorough process. CSC represented the best offer for the company", Iyer said.

Intertrust offers administrative, fund and private wealth services to companies that set up branches, entities and shell companies in more than 30 jurisdictions worldwide.

Last year it had net income of 20.8 million euros on revenue of 565 million euros.

Its buyer, Corporate Services Company (CSC), is a U.S.- based provider of corporate, legal and tax services founded in 1899 in Delaware.

The companies said Intertrust's headquarters would remain in Amsterdam and that the deal should be completed in the second half of next year. ($1 = 0.8863 euros) (Reporting by Sarah Morland and Bart Meijer; editing by Richard Pullin, Uttaresh.V and Emelia Sithole-Matarise)


© Reuters 2021
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INTERTRUST N.V. -0.51% 19.36 Real-time Quote.-0.71%
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Financials
Sales 2021 577 M 658 M 658 M
Net income 2021 70,4 M 80,2 M 80,2 M
Net Debt 2021 725 M 826 M 826 M
P/E ratio 2021 25,0x
Yield 2021 1,07%
Capitalization 1 752 M 1 999 M 1 996 M
EV / Sales 2021 4,29x
EV / Sales 2022 4,01x
Nbr of Employees 4 091
Free-Float 96,8%
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Mean consensus HOLD
Number of Analysts 6
Last Close Price 19,46 €
Average target price 18,92 €
Spread / Average Target -2,79%
EPS Revisions
Managers and Directors
Shankar Iyer Chief Executive Officer & Member-Management Board
Rogier van Wijk Chief Financial Officer & Member-Management Board
Hélène Vletter-van Dort Chairman-Supervisory Board
Chitra Baskar Chief Operating Officer
Anthony Ruys Member-Supervisory Board
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