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Envestnet (NYSE:ENV) had unsuccessful talks with private equity firm GTCR and British fintech firm FNZ before it agreed to a sale to Bain Capital, according to a report from CityWire.
The news comes after Envestnet (ENV) disclosed in a filing on Wednesday that another bidder offered $70 a share before it agreed to the Bain deal at $63.15 a share last month.
On June 22 “Strategic Party A” offered a non-binding proposal of $70 a share in cash, though the offer was conditioned upon the sale of Envestnet’s D&A business, according to a filing on Wednesday.
The unidentified bidder said it expected to be able to finalize financing arrangements within three to four weeks and requested an exclusivity period of four weeks. The Envestnet (ENV) board was concerned about uncertainty around the bidder securing committed financing, as well as the condition that the D&A business be sold.
Bloomberg reported in late May that Envestnet (ENV) was seeing takeover interest from buyout funds including Advent International and GTCR.