Pollen Street shares surge as starts takeover talks as part of review

Pollen Street Group Ltd on Wednesday said it is considering its strategic options, including the possibility of the group being taken over.

In response, shares in the London-based asset manager leapt 12% to 915.00 pence each in London on Wednesday for a market value of about £540 million.

Responding to a report by Reuters, Pollen Street noted that while multiple strategic options are being assessed, "one such possibility is for the company to be taken private".

Preliminary discussions have started with a limited number of third parties to "establish their suitability as a strategic partner and whether they might be interested in making a possible offer for the company", the FTSE 250 listing said in a statement.

Talks are at a "very early stage and remain ongoing", Pollen Street said. As a result, it is now in an 'offer period' as defined under City takeover rules.

Reuters reported that potential buyers include mid-sized private equity firms as well as existing shareholder Wafra Inc, which bought a minority stake in the business in 2020 through ‌its ⁠investment platform Capital Constellation LP. Gustavo Cardenas, a managing director of Wafra, became a Pollen Street non-executive director in 2022.

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