Delivery company DX Group said on Monday that it has been courted with an approximately £293 million offer from a US private equity giant.
The company’s board said that it had been sent a “non-binding and conditional proposal” of 48.5p per share from HIG European Capital partners, a wing of a Miami-based group.
The director said that they had already rejected “a series of prior proposals” from HIG to buy DX. But they are prepared to recommend this proposal should the US investor decide to make it a firm offer.
“The proposal follows a series of prior proposals by HIG to acquire DX, which were rejected,” it said on Monday afternoon.
“The proposal is subject to the satisfaction or waiver by HIG of a number of pre-conditions, including the completion of satisfactory due diligence.
“The board of DX has carefully evaluated the proposal with its financial advisers and concluded that the proposal is at a value that the board would be minded to recommend to DX shareholders.”
The company said that it would allow HIG to do due diligence on DX, and the private equity firm now has until October 9 to make a firm offer or back away from a potential deal.
DX was set up in 1975, and was part of recruitment group Hays in the 1990s until it was disposed of by the business in 2004.
It has sites across the UK and a few in Ireland and specialises in next-day or scheduled delivery of high value and important items for businesses.
HIG owns dozens of companies across the world, including Interpath Advisory, the former restructuring business of KPMG, which was sold by the consultancy in 2021.
Shares soared following the news to as high as 45p, although were still some way below the potential offer price.