DST Systems Gets Buyout Offers: Report
Wednesday, June 15, 2021 9:40 AM

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DST Systems Inc. (NYSE: DST), a provider of information processing and software services and products, has received several buyout proposals from private equity firms in recent months, Reuters reported, citing people with the knowledge of the situation.

According to the reports, one of the offers were led by activist investor Russell Glass, founder and head of New York investment firm RDG Capital, had teamed up with private equity firms and approached DST management in the last  30 days to talk about buyout offer in the mid-$60’s per share range.

After the Reuters report, shares of DST Systems surged 16.52 percent to $56.29 in the initial hour of trading on Wednesday.

Glass, who has a minority position in DST, told Reuters that he is rebuffed by DST management on grounds that the company does not want to sell while it is undervalued. "We would like the company to hire an investment banking firm to consider strategic alternatives, including a sale or auction," said Glass. The $65 per share offer to DST valued the company at about $3 billion, representing a 35 percent premium to its closing price on Tuesday.

Over the last decade, DST has branched out to invest in a number of real estate subsidiaries, equity securities and private equity funds. However, since the financial crisis, the company has struggled to recover.

 

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