GLOBAL - An investor group including pension funds has made a ZAR8.3bn (€875m) bid for Alexander Forbes, the parent company of pensions consulting firm Lane Clark & Peacock.
South Africa-based financial services group Alexander Forbes said it has received a conditional buyout proposal from a consortium led by the UK's Actis and including Ethos and Harbourvest Partners LLC.
Also involved in the bid are the Ontario Teachers' Pension Plan Board and Caisse de dépôt et placement du Québec, manager of the Quebec state pension funds.
Alexander Forbes had said in June that it was in talks with private equity investors about a sale of the entire group.
It has 60% of LCP, with the partners holding 40%. "It's business as usual," LCP partner Jeremy Dell told IPE today.
Alexander Forbes said its board would give its opinion on the proposal in "due course". The consortium will submit a firm offer once a number of conditions had been met.
"The Actis Consortium has a strong focus on corporate governance, and will work with the Alexander Forbes management team to fulfil its commitment to enhance standards of transparency, openness and reinforcing a customer-centric culture," Actis said in a statement.