SSP surges as Irenic Capital said to be drumming up take-private interest
By Michele Maatouk
Date: Thursday 25 Sep 2025
(Sharecast News) - SSP shot higher on Thursday following a report that activist hedge fund Irenic Capital Management is trying to drum up interest in a take-private deal for the Upper Crust owner after lifting its stake.
According to the Financial Times, the New York-based hedge fund is encouraging private equity groups to launch takeover bids for SSP.
The fund has shared materials about the merits of a leveraged buyout with investment bankers and private capital firms in recent weeks, according to a pitch deck seen by the Financial Times.
According to the deck, Irenic argued that SSP could be valued at a 50% premium to its market value in a take-private deal.
The hedge fund pointed to SSP's predictable revenues, its capacity to grow in US airports and ability to generate capital through the sale of non-core assets, including its stake in a listed Indian joint venture.
The FT said it is possible that none of the private equity groups being pitched by Irenic will decide to make a bid.
Irenic declined to comment, while SSP told the FT: "We welcome the feedback and views of all our investors. We are entirely focused on delivering progress against our clear strategic priorities in order to deliver sustainable growth and returns for all of SSP's stakeholders."
At 0910 BST, the shares were up 6.3% at 166p.
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