TPG consortium reduces Smartgroup takeover offer

The consortium bidding for Smartgroup, comprising TPG Global, LLC. and Potentia Capital, have lowered their valuation of the company, a month after first making an offer.

At the end of September, the consortium had offered to acquired Smartgroup for $10.35 a share. On Monday, the company said it did not intend to proceed and negotiations have now ceased.

The consortium said it was interested in proceeding with a revised proposal at a reduced offer price of $9.25 per share in cash however Smartgroup’s board said it had unanimously concluded not to proceed with discussions.

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