Allianz bid for Laing might trigger new offer from Henderson

John Laing shareholders must be rubbing their hands in glee as hot on the heels of a staggering 355p-a-share take-over bid from the Henderson fund management group comes an even higher offer pitched at 385p.

The new potential buyer is Allianz, Europe’s largest insurance group.

And even this isn’t necessarily the end of the story as Laing’s shares have been trading on the Stock Exchange at an even higher figure, indicating that there are many who believe Henderson will unveil an improved offer of close on 400p.

As things stand, Allianz has a strong hand – it has revealed that 52% pf Laing’s shareholders back its offer.

Thomas Putter, director of Allianz infrastructure, said that he viewed infrastructure assets, and PFI/PPP assets in particular, as very attractive for a provider of insurance and pension services. Putter added: “We are delighted that the board of Laing has recommended our offer.”

William Forrester, chairman of Laing, said that Laing’s directors have now withdrawn their recommendation to shareholders to vote for the Henderson bid.

The Allianz offer, in cash, values John Laing at £900m.