Network International Holdings PLC's (LSE:NETW) suitors are down to one, after a consortium including CVC Advisers Limited pulled out of the running to buy the business.
CVC and Francisco Partners Management made an initial 387p per share approach for Network International in April before being trumped by a higher bid from Canada’s Brookfield Asset Management (TSX:BAM.A).
Brookfield firmed up its proposal Friday last, making a 400p per share offer, which Network International has accepted.
Network said it considered the terms “fair and reasonable” and will recommend shareholders accept the offer, while Brookfield said it considers Network to be a strong strategic fit.
Brookfield is a leading global alternative asset manager with more than US$825bn of assets under management across real estate, infrastructure, renewable power, private equity and credit.