News

Private equity house HHBV's bid for RSDB has been delayed with the Dutch investment house announcing that the "finalisation of the funding of the offer [is taking] longer than initially expected".

HHBV is looking to acquire the Dutch printer as part of its strategy to build a pan-European print giant, following the acquisition of Quebecor World's European assets, which completed this summer.

In July, HHBV announced it expected to complete the deal within six weeks.

However in an unusual move, it has now said that it aims to request approval for the deal from RSDB's shareholders "as soon as possible" but would not meet the six week timetable. The private equity house has until 5 September to submit the request.

HHBV did not specify a reason for the delay, however, Nicolas Mockett of UK private equity house Europa Partners said it could be facing difficulties securing the finance: "It may have simply underestimated the summer slowdown, and the financial world seems to be taking longish holidays this year. So they may well be on track but running through treacle.

"However, it may be struggling to get the debt in place. Since the process kicked off arguably acquisition finance has become harder to secure. Worrying news from the euro zone has also emerged and this may be being factored in."

He added that the current challenges facing the print industry with falling advertising spend could compound the issues facing HHBV.

RSDB's shares are currently trading at just over €4 short of the €40 offer price indicating investors' belief that the deal is not a certainty.