GLOBAL - Henderson has confirmed talks with New Star Asset Management regarding a possible offer for acquisition.
New Star also confirmed being in discussions on a possible transaction with Henderson, which could include a possible offer for its ordinary shares.
It said any offer would be conditional upon the completion of the proposed capital restructuring which it agreed in December 2008 with its bank syndicate.
At the time, the firm said its restructuring would result in £240m (US$332.3m) of its £260m (US$360m) of gross debt being converted into equity. As part of the restructuring, New Star added it intended to de-list the company from the London Stock Exchange (LSE).
In case of a forthcoming transaction, it said all the proceeds would be applied to the repayment of new Star's current liabilities. As a result, it said it was uncertain any transaction would lead to a significant return, if any, to current shareholders.
It concluded there was no assurance that any offer for the company's ordinary shares would be at or above the level of the company's current share price.
As a first step towards restructuring, on 22 January 2009, New Star posted a circular to its shareholders in connection with the proposed cancellation of admission of its ordinary shares to the Official List of the UK listing Authority and to trading on the LSE's market for listed securities.
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