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Shares of Dutch firm Intertrust (INTER) up on CSC takeover

By Jenni Reid

09:19, 6 December 2021

Intertrust logo
Dutch business services firm Intertrust accepted a €20.00 per share offer – Photo: ZUMA Press Inc / Alamy Stock Photo

Dutch corporate management firm Intertrust (INTER) opened higher on the Amsterdam stock exchange after it agreed to a €1.8bn ($2bn) takeover by Delaware-based CSC. 

The firms conditionally agreed on a recommended all-cash offer of €20.00 per share, they said in a joint press release. 

INTER’s share price was up 6.87% to €19.60 at 9:30 CET on the Euronext Amsterdam, despite the offer being lower than the €22 Intertrust previously said it had been offered. 

‘Complementary’ teams  

Intertrust specialises in fiduciary services and has 4,000 employees across 30 jurisdictions. CSC covers areas including compliance, online security and tax software. 

They said the deal would create a “differentiated leader for corporate, fund, private, and capital markets clients on an international scale,” with global teams offering complementary strengths. 

Intertrust will remain headquartered in Amsterdam and CSC said it would not divest or transfer any material part of the company. 

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Rival offers

Intertrust said the €20 per share deal represented a premium of around 59% to the Intertrust closing price on 11 November, before it announced it was in exclusive discussions with British private equity firm CVC Capital Partners over an €18.00 per share offer. 

On 22 November, Intertrust said it had received “multiple expressions of interest from third parties” ranging up to €22 per share, and on 2 December, CVC said it had dropped its talks.  

Analysts at KBC Securities, quoted by Reuters, today said the CSC offer was “still relatively cheap” and that “the 22 euros offer would have made financial sense.” 

Intertrust said the CSC offer was a 54% premium on the company’s 90-day volume-weighted average price and would deliver “immediate, certain and attractive value” to shareholders.

Read more: Amsterdam stock markets: up, up and away

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The difference between trading assets and CFDs
The main difference between CFD trading and trading assets, such as commodities and stocks, is that you don’t own the underlying asset when you trade on a CFD.
You can still benefit if the market moves in your favour, or make a loss if it moves against you. However, with traditional trading you enter a contract to exchange the legal ownership of the individual shares or the commodities for money, and you own this until you sell it again.
CFDs are leveraged products, which means that you only need to deposit a percentage of the full value of the CFD trade in order to open a position. But with traditional trading, you buy the assets for the full amount. In the UK, there is no stamp duty on CFD trading, but there is when you buy stocks, for example.
CFDs attract overnight costs to hold the trades (unless you use 1-1 leverage), which makes them more suited to short-term trading opportunities. Stocks and commodities are more normally bought and held for longer. You might also pay a broker commission or fees when buying and selling assets direct and you’d need somewhere to store them safely.
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