De La Rue considers takeover proposal amid acquisition plans

LONDON - De La Rue (LON:DLAR) plc, the UK-based security printing and cash handling company, announced it is evaluating a takeover proposal from Disruptive Capital GP Limited and Pension SuperFund Capital entities (together the "PSFC Entities"). This consideration follows a series of preliminary, conditional, and indicative proposals concerning De La Rue and its pension scheme over the past four months.

The Board of De La Rue convened on Monday to review the latest proposal from the PSFC Entities, which entails a Securities Exchange Offer under the Takeover Code. The offer would exchange De La Rue ordinary shares for unlisted loan notes in a PSFC vehicle, potentially redeemable for cash at 132.17 pence per share. This redemption depends on certain conditions, such as the successful disposal of De La Rue’s Authentication Division and securing satisfactory financing arrangements.

Despite the ongoing discussions and the Formal Sale Process initiated on February 4, 2025, the Board highlighted the absence of committed financing and uncertainties related to the PSFC Entities’ transaction structure and pension arrangements. As a result, the Board decided to recommend an all-cash acquisition of De La Rue by ACR Bidco Limited, a transaction announced earlier today.

ACR Bidco Limited is indirectly wholly-owned by funds managed and advised by Atlas (NYSE:ATCO) FRM LLC, operating as Atlas Holdings LLC. The Board has reaffirmed its recommendation to De La Rue shareholders to support this all-cash acquisition.

The company has made it clear that there is no certainty a firm offer will be made by the PSFC Entities. Shareholders of De La Rue are advised to consider the Board’s recommendation in light of the current proposals.

This announcement is based on a press release statement and aims to provide shareholders with the necessary information to make an informed decision regarding the potential acquisition offers.

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