HarbourVest Partners, LLC (HarbourVest), a leading global private equity firm, and HarbourVest Global Private Equity Limited (“HVPE”), a closed-end investment company,have increased their offer price for all bearer shares of Absolute Private Equity Ltd (Absolute) currently in circulation.
Absolute is an investment company located in Zug, Switzerland and listed on SIX Swiss Exchange (SIX). HarbourVest Acquisition is a special purpose vehicle which is to be held by HarbourVest-managed secondary funds, together with HVPE.
The Offer price is increased from USD17.25 to USD18.50 cash per Absolute share (the “Offer Price”). The increased Offer Price represents a premium of approximately 7.2% to the closing price of the Absolute shares of USD17.25 on 13 July 2011. Absolute’s Board of Directors continues to support the Offer and recommends that Absolute’s shareholders accept the Offer at the attractive increased price.
“The increase in the Offer Price from USD17.25 to USD18.50 provides all Absolute shareholders a highly attractive cash price that is higher than the price at which any shares have traded in nearly three years. We remain committed to working with Absolute to provide an offer that benefits all shareholders and our funds, and we are confident that the Offer Price has a strong likelihood of achieving a high level of acceptance.” says John Toomey (pictured), Managing Director of HarbourVest.
Subsequent to the issuance of the revised Offer, the initial offer period will be extended by one day and will now terminate on 21 July 2011. Acceptances of the Offer should be received no later than 4.00pm (CEST) on 21 July 2011.
The Offer remains subject to a minimum acceptance level of 50.01% and other customary conditions. At a 100% acceptance level, the transaction values Absolute at USD806 million. As described in the prospectus and the amendment to the prospectus, an independent review body has confirmed that the required funds will be available from HarbourVest Acquisition.
HarbourVest wishes to remind shareholders that Absolute’s shares have traded at relatively low volumes prior to the pre-announcement of the Offer. As such, shareholders may have a reduced opportunity to dispose of their shares once the Offer closes and, if the Offer is not successful, there is a risk that Absolute’s share price may drop with significantly reduced trading volume and the discount to NAV may widen to past levels.
