30th Dec 2016 07:34
LONDON (Alliance News) - Ancala Fornia Ltd said that it has received acceptances in respect of around 41.17% of voting ordinary shares for its takeover offer for London-listed water company Dee Valley Group PLC and has extended the deadline for acceptances to January 13.
Ancala's offer for Dee Valley is 1,706 pence per voting ordinary share and 1,602p per non-voting ordinary share.
However, Ancala has faced competition from Severn Trent PLC, which has made an offer at 1,825.00p per ordinary Dee Valley share and a comparable cash price of 1,713.00p for each non-voting share. Dee Valley shares were last quoted at 1,814.00p.
Back in November, the directors of Dee Valley withdrew their recommendation for Ancala's bid in favour of the offer from Severn Trent. In December, Ancala said it would not be increasing its offer, and additionally that it would reduce the level of its acceptance condition to a "simple majority" of voting ordinary shares from the previous acceptance condition of 75%.
Ancala said Friday it has received valid acceptances in respect of a total of 1.7 million voting ordinary shares, or 41.17%.
It has extended its offer, which will now remain open for acceptances until January 13. Ancala encouraged Dee Valley shareholders who have not yet accepted the offer to do so "as soon as possible".
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
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Related Shares:
Severn Trent