Revised bid at 405p a share values John Laing at more than £1bn

John Laing’s shareholders are entitled to feel that Christmas has come early as the group’s share value continues to rocket on the back of bid and then counter-bid from the two financial giants anxious to get their hands on its PFI equity portfolio.

The news this morning is that Henderson Infrastructure has revised its offer price to 405p, valuing Laing at more than £1bn.

Henderson had initially stepped forward with an offer pitched at 355p a share, only to find its takeover aspirations scuppered by rival bidder Allianz Infrastructure which raised the bar to 385p.

Henderson points out that the 405p offer represents a 47% premium to Laing’s share price of 276p at the close of play on 13 September, the day before Laing announced that an approach had been made.

“Laing is a very attractive business,” said Henderson in a statement announcing the improved bid, “and [Henderson] has accordingly decided to increase its offer.”

It added that it believes Laing will be better able to realise its full long-term potential “as a privately owned business supported by investors with an appetite for the infrastructure sector”.

Turning to Laing’s rail division, Henderson said it would support Chiltern Railways’ current plans to improve and expand its business operations.

Allianz is mulling over the latest development and “will make a further announcement in due course”.