US firm Atlas makes £263m bid for De La Rue, but British tycoon Edi Truell may strike back
De La Rue, the centuries-old British company responsible for printing the Bank of England’s banknotes, is at the centre of a takeover battle after its board recommended a £263 million buyout offer from US private equity firm Atlas Holdings.
On Tuesday, the Basingstoke-based firm told shareholders it supported Atlas’s all-cash offer of 130p per share, marking a 16% premium on Monday’s closing price. The announcement sent De La Rue shares surging by the same margin in early trading, suggesting investors smell the start of a bidding war.
And that’s exactly what may be brewing. British financier Edi Truell is reportedly preparing a higher bid of 132.17p per share through his investment funds, according to Sky News. Though De La Rue confirmed it hasn’t received a formal offer from Truell, speculation is growing that he may soon step in to challenge Atlas.
Clive Vacher, De La Rue’s chief executive, struck a firm tone, saying: “It would take something very significant for the board to make any other decision right now.” He argued that Atlas would provide financial strength and business continuity, with no plans to shake up strategy, management, customers or geographic footprint.
Yet any deal would mean De La Rue’s delisting from the London Stock Exchange, pending shareholder approval and regulatory checks. Vacher said he hopes the acquisition can be completed by early summer.
Truell, a well-known figure in pensions and private equity, had previously shown interest in De La Rue through his firms Disruptive Capital GP and Pension SuperFund Capital (PSFC). Talks began back in January, but his approach was conditional on De La Rue’s £300 million sale of its authentication division to US-based Crane NXT, set to complete on 1 May.
Embed from Getty ImagesDe La Rue formally launched a sale process in February after receiving multiple expressions of interest. The firm has been battling falling cash usage—a trend sharply accelerated during the pandemic—and has issued several profit warnings in recent years.
The company’s decline became especially visible in 2020 when it shut down its Gateshead site, after losing the lucrative contract to print the UK’s post-Brexit blue passports to the Franco-Dutch rival Gemalto.
After offloading its authentication arm, De La Rue will employ around 1,250 people, with just over half based in the UK. Atlas has signalled it would cut around 50 jobs—mostly related to listed company operations—if its bid is successful.
Founded in 1813 by Thomas de la Rue, the firm started as a Guernsey-based printer before relocating to London, where it famously sold hats and stationery. Two centuries on, it still prints the UK’s currency at the Bank of England’s Debden facility in Essex. Most recently, it played a central role in producing millions of new banknotes featuring King Charles III ahead of his coronation.
While the board leans toward the Atlas deal, the coming days could see a strategic counter-move from Truell. With the firm’s legacy, national security sensitivities, and hundreds of jobs at stake, the fate of Britain’s historic money printer now lies in the balance.
