Carlyle returns to the table with offer for TIG

Wednesday 25 March 2009 01:00

The private equity giant Carlyle has lodged a bid for The Innovation Group (TIG), which provides outsourcing to insurance firms.

The Independent first revealed in December that buyout groups including Carlyle, HG Capital and Silver Lake Partners were circling TIG.

The management, led by the chairman, Geoff Squire – who has since departed – had turned down indicative offers ranging from 15p to 22p last year.

Yesterday, the company announced it was in discussions after it received an expression of interest from Carlyle's European technology business. The indicative bid values the shares at 15p each. TIG's shares rose over 70 per cent on the news. The company said the discussions were at a "very preliminary stage" and advised shareholders to take no action.

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