Reuters: Private Equity: UPDATE 1-Vector Capital sweetens Technicolor offer

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UPDATE 1-Vector Capital sweetens Technicolor offer Jun 13th 2012, 19:17 Wed Jun 13, 2012 3:17pm EDT PARIS, June 13 (Reuters) - San-Franciso-based Vector Capital said on Wednesday it had sweetened its offer for French set-top box maker Technicolor SA to outpace a rival bid by JPMorgan Chase & Co. Private equity investor Vector Capital said it was raising the subscription price for its proposed reserved capital increase to 2.00 euros per share from 1.90 euros. All other terms of the previous offer were unchanged. "With total proceeds of up to 191.1 million euros, Vector Capital's offer would result in 33.5 million more proceeds to Technicolor (21.2 percent higher) than the JPMorgan transaction," the statement said. Earlier this week, Technicolor turned down a revised offer from an investment fund managed by JPMorgan to buy a 30 percent stake for 179 million euros and said it had opted instead for an original, lower offer of 169 million euros, which it said was better structured. JPMorgan and Technicolor, which is seeking to pay down debt, had appeared ready to seal their initial deal when Vector Capital made a higher offer than JPMorgan in late May. Vector had offered 1.90 euros per share for a 17.5 percent stake, then subscribed to a second issue to existing shareholders at 1.56 euros per share.

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