Takeover talks between Chester-based ID tech firm GB Group (GBG) and Chicago-based private equity firm GTCR have ended.
GTCR’s confirmation that it was interested in buying the ID specialist, in September, followed intense media speculation and led to a 20 per cent share price jump for the Chester tech firm, however GTCR has now said it will not be proceeding.
In a response to the announcement published by the LSE, GB News said: “GBG notes the statement by GTCR LLC that it is no longer evaluating a possible offer for GBG and that it is consequently bound by the restrictions under Rule 2.8 of the City Code on takeovers and mergers.
GTCR first announced it was considering a possible cash offer for the company on 6 September 2022, in response to media speculation. The GBG board had early-stage discussions with GTCR in respect of a possible offer for the company, but agreement could not be reached on terms.
“The board of GBG believes the company has a long runway of sustainable growth opportunities underpinned by supportive structural drivers such as digitalisation and an ever-increasing need to protect against fraud.”
The company added that it remains focussed on its ongoing strategic and financial objectives. GBG employs around 1,200 people and works with the likes of Volvo, HSBC, eBay, John Lewis, ASOS, Lego, Santander and IBM.
