Morgan's Redrow bid runs into opposition
Steve Morgan’s plan to take back private ownership of Redrow, the housebuilding company that he founded, are being opposed by the third biggest shareholder, according to reports.
The Financial Times reports this morning that Fidelity Worldwide Investments, which owns 10.5% of Redrow shares, sees Mr Morgan’s bid as ‘opportunistic’ and plans to oppose him.
Mr Morgan is executive chairman of the company and owns 40.4%. Last month he made a provisional offer of 152p per share to buy the remainder of the company – valuing it at £660m. His backers include the second biggest shareholder, Toscafund Asset Management, which owns 13.8%.
Under takeover rules, Mr Morgan must table a firm bid by 28 September if he wants to proceed.
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This article was published on 24/09/2012 (last updated on 24/09/2012).