Asset manager Schroders, the second-biggest shareholder at John Laing, has backed private equity firm KKR’s 2 billion pound ($2.84 billion) bid for the British infrastructure firm, calling it a “fair deal”.
“As a major shareholder in John Laing we believe management have secured a fair deal for all stakeholders,” a Schroders spokesperson said in an email statement late on Thursday.
The asset manager owns nearly 8% of John Laing, Refinitiv Eikon data showed.
Earlier this week, John Laing became the latest British company to attract a take-private bid as London-listed firms carry a discount to global peers, undermining the value of staying public.
The company’s shareholders are entitled to 403 pence per share in cash, a premium of 27% to the stock’s close on May 5, the day before the company confirmed it was in takeover talks.
Shares have gained nearly 28% since the disclosure and were trading at 404.2 pence by 0733 GMT on Friday.
Source: Reuters.com