May 26, 2014 / 1:36 AM / 4 years ago

Australia's PEP offers $1 bln for risk management group SAI

SYDNEY, May 26 (Reuters) - Australian private equity firm Pacific Equity Partners said on Monday it had offered to buy risk management and standards compliance business SAI Global Ltd for up to A$1.1 billion ($1 billion) and take it private.

SAI said it was considering the offer and also that it had terminated Chief Executive Officer Stephen Porges’s employment because of “fundamental differences of opinion between him and the board”.

SAI shares jumped 18 percent to a record high of A$5.06 by 0120 GMT, although that was short of PEP’s offer of between A$5.10 and A$5.25. ($1 = 1.0821 Australian Dollars) (Reporting by Byron Kaye; Editing by Edwina Gibbs)

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