Hedge Fund Maven to Tender Applus Shares to I Squared, TDR

Maven Investment Partners Ltd will tender its shares in Applus Services SA to the consortium formed by I Squared Capital Advisors and TDR Capital, after a rival bidder withdrew its offer for the Spanish company.

Maven, which in January had sold some Applus shares to competing suitor Apollo Global Management Inc., has since built a 2.6% stake in the Barcelona-based industrial certification company and aims to tender that holding, Portfolio Manager Manuel Blanco told Bloomberg News by phone.

Buyout firm Apollo had signed deals with 15 firms to buy a 22% stake in Applus, before it was beaten ...