... as another British firm fights off takeover bid from America

BRITAIN’S biggest listed private equity firm is fighting off a £1bn takeover bid from an American rival.

Shareholders in SVG Capital are being urged to ignore an offer from harbourVest – even though it could hand the company’s boss a £7.8m payday. The deal equates to 650p per share – nearly 15pc more than they were worth before the offer was announced.

SVG’s chief executive Lynn Fordham owns 531,024 shares outright, which would be worth £3.5m if the sale went through. She has another 666,870 shares which would be worth £4.3m coming her way under various bonus schemes if targets are met. however, she and fellow directors are thought to be holding out for a better offer as foreign investors cash-in on the fall in the pound.

‘The board urges its shareholders to take no action at this time,’ the company said in a stock market update. harbourVest’s offer is final, meaning it cannot up its bid, and directors are likely hoping other interest emerges.

Analysts at Liberum said the bid was ‘highly likely to go through’ given the support it had already received from investors.