Private equity firm TDR Capital has made a fourth offer for European investor and asset manager Arrow Global, TDR said on Monday, at a price of 305 pence per share.

TDR’s three previous bids for Arrow, which buys defaulted customer accounts from retail banks and credit card companies, were rejected.

Zachary Lewy, founder and group chief investment officer of Arrow, has entered into a binding letter of support for the fourth offer, TDR said.

Arrow swung to a first-half loss last year, mainly due to a non-cash charge of 134 million pounds ($184.1 million), as it revalued its balance sheet in the face of the coronavirus crisis.

The company said its collections performance was improving, with the business expected to return to profitability in the second half of the year.

Source: Reuters