Sherwood looks to go private
29 April 2003 | 2077 views | 0
Sherwood International, the UK-based provider of software for the global insurance industry, says it is talking with private equity houses about raising financing for a management buy-out.
In a statement, the company says that "in common with many other smaller listed software companies, Sherwood has received a number of informal approaches over the past months from private equity houses potentially interested in taking the company private or providing other forms of equity finance to support Sherwood's growth strategy".
The board of the company has authorised the executive team to explore financing for a possible management buy-out.
The company asserts that one outline proposal has recently been received at a possible offer price of 105 - 110 pence per Sherwood share.
By mid-afternoon, Sherwood's share price was trading at 102.5 pence, 3.5% up from the previous day's close of 99 pence, and way up on the year low of 37.5 pence.