Leading UK construction company John Laing has announced it has withdrawn support for a takeover bid by Henderson Global Investor in favour of a £957.5 mln (EUR 1.43 bn) cash offer by a subsidiary of German insurer Allianz. Henderson's bid in September valued John Laing at £887 mln (EUR 1.3 bn).
Leading UK construction company John Laing has announced it has withdrawn support for a takeover bid by Henderson Global Investor in favour of a £957.5 mln (EUR 1.43 bn) cash offer by a subsidiary of German insurer Allianz. Henderson's bid in September valued John Laing at £887 mln (EUR 1.3 bn).
Shares in John Laing, a FTSE 250 firm, jumped 37 pence to 392 pence after the recommended deal was unveiled. This suggests the stock market expects Henderson, or another rival, to return with a counter-bid, the website of British newspaper The Times said.
Friday morning's share price topped the Allianz offer of 385 pence per ordinary share, while Henderson's offer was 355 pence per ordinary share. The Allianz offer values preference shares at 138 pence per preference share, matching the amount under Henderson's proposal.
