UK Construction company Henderson Infrastructure (HIH) has risen to the challenge laid down by Allianz in October and trumped the German insurer's bid for UK project manager John Laing with an £1.004 bn (EUR 1.49 bn) offer that includes preference shares. HIH, a division of fund manager Henderson, said shareholders would receive 405 pence in cash per ordinary share, Reuters reported on Friday. The latest bid is 5.2% higher than Allianz's offer of 385 pence per ordinary share that valued Laing at £957.5 mln (EUR 1.43 bn).
UK Construction company Henderson Infrastructure (HIH) has risen to the challenge laid down by Allianz in October and trumped the German insurer's bid for UK project manager John Laing with an £1.004 bn (EUR 1.49 bn) offer that includes preference shares. HIH, a division of fund manager Henderson, said shareholders would receive 405 pence in cash per ordinary share, Reuters reported on Friday. The latest bid is 5.2% higher than Allianz's offer of 385 pence per ordinary share that valued Laing at £957.5 mln (EUR 1.43 bn).
'We hope the offer is accepted. We think this is a very strong asset and our offer represents that. It's a business with attractive cash flows and leading the way in its sector, ' a HIH spokesperson said. HIM said it hoped Laing's board would back its new bid.
The market had been expecting Henderson to come back with an improved bid in answer to Allianz's offer and analysts have suggested other players could also enter the bidding war. The names mentioned include Australia's Macquarie Bank, Sydney-based Babcock & Brown and Spanish building group Ferrovial
Ferrovial made a splash in the UK market earlier this year when it beat off a rival bid from a consortium led by US bank Goldman Sachs to acquire British airports operator BAA for £10.4 bn.
John Laing specialises in private finance initiatives (PFI) and public-private partnerships (PPI), involving the financing, construction and management of public projects such as schools, hospitals and roads.
