Ibex trading halted on drawing takeover interest from private equity

MG News | November 11, 2022 at 08:34 AM GMT+05:00

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November 11, 2022 (MLN): Trading of Business process outsourcing provider Ibex Holdings Ltd. at Nasdaq halted on Thursday right after the surfacing of news wherein it mentioned that the company is attracting preliminary interest from suitors including buyout firm CVC Capital Partners.

At the time of writing, the scrip gained $2.71 or 13.69% DoD to reach $22.4 at Nasdaq.

CVC has been speaking to banks about financing for a potential bid, according to the people, who asked not to be identified because the information is private, as per reported by Bloomberg.

Shares of Ibex have risen 55% in New York trading this year, giving the company a market value of $366 million.

Deliberations are ongoing, and there's no certainty they will result in a formal offer, the people said.

Ibex's biggest shareholder is businessman Mohammed Khaishgi's The Resource Group International Ltd.

So far representatives for CVC and Ibex declined to comment on the said matter.

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