Alphyra MBO team to stick at €2.70 per share offer


20 Feb 2003

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The saga of the Alphyra management buyout (MBO) is rolling on this afternoon. One of the electronic transaction group’s backers Rendina, which is headed by Alphyra chief executive John Nagle (pictured), said that it will not be increasing its €2.70 per share offer for the company.

The statement comes on foot of an announcement that a potential rival bidder, US electronics company Euronet has decided to buy British competitor E-Pay instead for €76.2m.

It also follows the rejection by regulators of claims that Rendina frustrated a rival bid from US-based First Data, which could have affected shareholder gains.

A statement from the MBO team read: “The board of Rendina announces that its increase cash offer of €2.70 for each Alphyra share which was announced on 7 February is now final and will not be revised or increased.”

Yesterday the company recorded very positive results for 2002.

Operating losses dropped to under €32,000 on sales of €48.7m. Earnings before interest, tax, depreciation and amortisation (EBITDA) grew to €7.3m.

It remains to be seen what effect yesterday’s results will have on the MBO.

The next closing date for acceptance of the offer is Wednesday 26 February.

By Suzanne Byrne