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Peterhouse pair withdraw
16:28 23 Apr 2004
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Peterhouse chairman David Jackson and corporate development
director Simon Foster have withdrawn their counter offer for the
group.
In March, Babcock launched a £106m bid for the group, valuing shares at 220p (CJ 24 March). The bid was backed by the independent directors, but Jackson and Foster felt Babcock was undervaluing the group.
According to a Peterhouse statement, the pair are "considering their position in relation to the Babcock offer and will make their views on that offer known in due course". City analysts have begun to speculate that Babcock may now withdraw its bid.
In March, Babcock launched a £106m bid for the group, valuing shares at 220p (CJ 24 March). The bid was backed by the independent directors, but Jackson and Foster felt Babcock was undervaluing the group.
According to a Peterhouse statement, the pair are "considering their position in relation to the Babcock offer and will make their views on that offer known in due course". City analysts have begun to speculate that Babcock may now withdraw its bid.
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