M&G Investments will vote against a takeover of British events group Hyve PLC, along with two other Hyve shareholders who think the bid significantly undervalues the international exhibition company, the Financial Times reported on Monday.
Redwheel fund manager David Stewart and Douglas Smith, managing partner at Blackmoor Investment Partners also plan to vote against the deal, the report added.
U.S. investment fund Providence Equity earlier this month recommended a cash offer price of 1.08 pounds per share to take over Hyve, valuing the company at around 320 million pounds ($392.83 million).
M&G, Redwheel and Blackmoor are among the top 20 shareholders of Hyve, according to Refinitiv data.
When asked to comment, Redwheel directed Reuters to a March 15 statement which said that the offer price of 1.08 pounds per share “significantly undervalues” Hyve’s potential and it does not intend to tender its shares.
Hyve, Providence Equity, M&G and Blackmoor did not immediately respond to a Reuters request for comment.
Source: Reuters.com