UK IT services group Rebus Group Plc is to return to private ownership after complaining of poor market valuation. The company’s board has recommended a 171.9m pound takeover bid from US investment partnerships EM Warburg Pincus & Co LLC and General Atlantic Partners LLC. The offer of 182 pence per share is 32% above the closing middle market price Thursday, the day before the bid approach was announced. The takeover offer was made through Suber Acquisitions Ltd, a Bermuda company set up specifically to make the offer. Rebus was spun out of insurance firm CE Heath Plc in 1996, and had net income of 5.3m pounds in the year to March 30 1998, on revenues of 87.7m pounds.
