SVG Capital confirms talks with Goldman, Canadian Pension Plan

SVG Capital said on Monday that it is in talks with a consortium including Goldman Sachs and the Canadian Pension Plan Investment Board, as it responded to recent media speculation.

The group, which has already rejected a hostile bid from US rival HarbourVest, said detailed discussions were also taking place with the same consortium regarding the sale of its investment portfolio.

SVG said another party has approached the board with an interest in making a consortium offer provided that it can find a partner to do it with.

In addition, the company said it is also in detailed discussions with that party as part of another consortium regarding the sale of some of SVG's assets.

Last month, SVG announced that HarbourVest had offered 650p per share in cash, for a total consideration of $1.35bn (£1.02bn). This represented a 14.7% premium over the closing price of SVG’s shares on 12 September.

In its interim results a few days later, the company said HarbourVest’s offer undervalued the group, adding that it had received approaches from a number of credible parties, which “may lead to an offer competing with HarbourVest and could deliver superior value”.

At 0918 BST, the shares were up 0.2% to 680p.