The proposed £240m acquisition of international digital services firm Kin + Carta is off. Private equity firm Apax Partners was behind the takeover bid, but the deal’s time limit has collapsed without agreement.
Apax Partners first moved on the company in October 2023. The purchase price was subsequently raised in early December 2023, and once again later that month.
Last month, Apax announced its last increased offer was final, and that it would not be raised further. Kin + Carta, whose board had accepted the final offer, this morning officially said the deal was now off. Existing investors had previously declared that Apax’s offer was not high enough.
This morning, Kin + Carta’s shares were trading at a share price over 60% higher than when the original Apax offer was made, leading to speculation that another suitor could well be ready to pounce.
