7th Feb 2022 21:14
(Alliance News) - Abrdn PLC's acquisition of online retail investment platform interactive investor has been stalled to the low supply of paper, Sky News reported Sunday.
Sky news said that the FTSE 100 asset manager will write to its investors over the week to seek approval for the acquisition, as under UK takeover rules, companies must send paper versions of documents to shareholders.
However, abrdn has over a million retail investors, and according to insiders, it will not be able to hold the vote ahead of results, due to being unable to find sufficient supplies of paper.
In early December, abrdn confirmed that it would acquire interactive investor for GBP1.49 billion in cash. The vote on the purchase will take place in mid-March, insiders said.
"We would have liked to get the shareholder circular out a little earlier but have had to work around the paper supply problems as we are required to write to over a million shareholders," a spokesperson from abrdn stated.
https://news.sky.com/story/paper-supply-problems-stall-investor-vote-on-1-5bn-interactive-investor-takeover-12534603
Shares in abrdn closed 0.9% higher at 241.96 pence on Monday in London.
By Dayo Laniyan; [email protected]
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