The takeover of Spice Private Equity by Zug-based GP Swiss and been completed on a provisional basis. At the end of June the firm had an NAV discount of 43 percent.
Bermuda-based GP Swiss, a subsidiary of GP Investments Group, has completed its takeover of Spice Private Equity shares, surpassing the 90 percent required by its tender offer, as reported by online portal citywire on Wednesday.
GP Swiss now owns 97.4 percent of Spice. The offer, made in July, valued the shares at $16.25, and although GP said the offer was successful, it is still subject to some conditions, While GP already was managing Spice's investment portfolio and owned the bulk of the company, a large majority still traded in the SIX exchange. With the transaction now completed, the plan is that GP will delist the shares.
NAV Discount
As of June 3o, Spice had a market capitalization of $83 million with a net asset value of $144 million resulting in a NAV discount of 43 percent according to its half-year review. At the end of last year, NAV was $156 million, and the decline was attributed mainly due to the depreciation of the price of G2D shares, according to the report.
GP Investments is a private equity and alternative investments firm founded in 1993. Since then it has raised $5 billion from investors worldwide, completed investments in more than 50 companies, and executed over 20 transactions in the equity capital markets.
