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European private equity group EQT is in advanced discussions to buy Irish video game services company Keywords Studios for £2.2bn, in the latest potential takeover of a London-listed company.
EQT is negotiating over a cash offer of £25.5 per share. It has already made four unsolicited proposals for the business, all of which were rejected by its board, according to a statement from Keywords.
The EQT offer is a more than 70 per cent premium on the stock’s value at the close of trading on Friday.
The latest proposal is a “significant increase” from the initial bid and the board of Keywords Studios “would be minded to recommend” it to shareholders if a firm bid is made, the company said.
Dublin-based Keywords Studios’s shares rose 5 per cent in Friday trading to close at £14.7 a share.
Under UK takeover rules, EQT has until June 15 to either make a firm offer or walk away.