Banknote printer De La Rue has accepted a binding offer for a takeover at £263m, resulting in a 17 per cent surge in its share price.
The board of the 211 year old currency printer is supporting a 130p per share offer from US private equity titan Atlas Holdings, compared to yesterday's closing price of 110p, as reported by .
In January, it initially received an offer of 125p per share from companies established by private entrepreneur Edi Truell, valuing the firm at £246m.
Speculation about a potential buyout has driven up De La Rue shares throughout the year, with a rise of 29 per cent since the beginning of 2025 and 330 per cent since its record low two years ago.
The company was first listed on the London Stock Exchange in 1947.
Steve Clayton, head of equity funds at Hargreaves Lansdown, commented: "Investors will be relieved perhaps to see such a recovery,".
"But those with longer teeth are more likely to remember that De La Rue's directors fought off an approach by French rival Oberthur back in 2010, an approach that was valued at over 900 pence per share. Whoops."
Atlas, headquartered in Connecticut, already owns several British companies in its portfolio, including creative services firm ASG and construction group Bovis.
40 per cent of De La Rue's stock is held by institutional investors who have pledged to support the takeover deal, including Schroders and the infamous activist investment trust Crystal Amber.
In its half-year report, Crystal Amber heralded the potential sale as a move that would produce "a very substantial cash return for shareholders," following years of advocating for a major overhaul or sale of De La Rue.
"The investment manager has consistently stated that the strategic value of De La Rue is far greater than its operational value and is fully supportive of De La Rue conducting its formal sale process," the trust expressed.
With a £21.5m stake in the company, Crystal Amber is now engaging with shareholders about the considerable cash return it expects from De La Rue's sales.
The recent acquisition bid for De La Rue excludes its authentication division, which was contracted to be sold to New York-listed Crane NXT for £300m in October.
These developments follow a series of troubles for the company, including having recently to postpone sizable pension contributions into its retirement fund.
