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Advent International is preparing a takeover offer for the UK’s Tate & Lyle that would value the ingredients group at more than its £2.8bn market capitalisation and 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.
An approach would come at an inconvenient time as Tate & Lyle 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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/cdn.vox-cdn.com/uploads/chorus_asset/file/23951575/VRG_Illo_STK192_L_Normand_LinaKhan_Neutral.jpg?resize=100%2C70&ssl=1 "The FTC is finally making it easier to cancel your gym membership")
