British banknote printer De La Rue has agreed to a $347 million acquisition offer from U.S. private equity firm Atlas Holdings, turning down a slightly higher preliminary proposal from financier

Edi Truell.

The deal, announced Tuesday, values De La Rue at 263 million pounds ($347.1 million), with Atlas offering 130 pence per share in an all-cash transaction—representing a 16% premium over De La Rue’s closing price on Monday.

Following the news, De La Rue’s stock jumped as much as 18.8% in early Tuesday trading, reaching 133 pence per share.

In an interview with Reuters, CEO Clive Vacher said Atlas had been working closely with the company's leadership and was aligned with De La Rue’s current business strategy. “The Atlas offer is the best option as it ensures the continuity of the De La Rue brand,” Vacher noted, adding that the deal is expected to close this summer.

While Truell had put forward a 132.17 pence per share offer, it was contingent on the sale of De La Rue’s authentication division and required financing still being arranged. The lack of firm funding and uncertainties around the deal’s structure and pension obligations were key factors in De La Rue’s decision to go with Atlas instead.

Earlier this year, De La Rue received a 125 pence per share proposal from a consortium of Truell’s firms, prompting the company to launch a formal sale process shortly afterward.

Truell declined to comment on the latest developments.