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Advent International is preparing a takeover offer for the UK’s Tate & Lyle that would mark private equity’s latest attempt to acquire a London-listed group.
The US-based buyout firm is in the early stages of its bid preparations, according to two people with direct knowledge of the matter, who cautioned there was no certainty that a firm offer would be made.
Advent has yet to propose an offer, the people added, but if it were made it would exceed Tate & Lyle’s £2.8bn market value.
After the FT first reported the bid preparations on Wednesday, shares in Tate & Lyle rose 12.6 per cent to 839p, increasing its market value to £3.2bn.
An approach would come at an inconvenient time for Tate & Lyle, which is in the process of making its own purchase, having agreed to buy pectin and speciality gums provider CP Kelco for $1.8bn.
Representatives for Advent and Tate & Lyle declined to comment.
This is a developing story
Additional reporting by Alexandra Heal
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