A £2.3bn takeover of Aggreko, the FTSE-250 transient energy provider, was once thrown into doubt on Wednesday evening after the corporate’s greatest shareholder indicated that it meant to oppose it.
Sky Information has learnt that Liontrust Asset Control, which holds a 12% stake in Aggreko, has determined to vote in opposition to the deal.
If showed, the verdict could be a bombshell which might forged doubt at the corporate’s 880p-a-share acquisition via a consortium comprising the non-public fairness company TDR Capital and I Squared Capital, an infrastructure investor.
It will additionally constitute a unprecedented revolt via an institutional investor in opposition to a London-listed board’s advice to vote in favour of a takeover.
A number of different shareholders are stated to have doubts about the cost of the deal.
Consideration is most probably to concentrate on the intentions of Sprucegrove, the second-largest shareholder, which owns kind of 8% of Aggreko, even if its balloting determination was once unclear on Wednesday.
A looming cut-off date for buyers to make a decision is because of expire on Thursday, with Liontrust’s determination anticipated to suggested a frantic last-ditch effort to shore up enhance for the takeover.
The deal is structured as a scheme of association, which means it calls for 75% of balloting shareholders to again it to ensure that it to finish.
Aggreko showed final month that it will counsel the deal to shareholders, with chairman Ken Hanna insisting that the cost mirrored its long run enlargement possibilities.
The corporate has upgraded its full-year benefit forecast this yr, announcing task ranges had recovered extra strongly than expected.
Aggreko has contracts to offer energy to occasions such because the Olympic Video games in Tokyo, which organisers say will pass forward this summer time regardless of the coronavirus pandemic.
It stated not too long ago that the Olympics contract price could be $315m.
Buyers consider that Aggreko’s percentage worth will fall sharply if the be offering lapses, and it was once unclear on Wednesday whether or not the consortium could be prepared or ready to boost the be offering worth.
If the deal does undergo, it will be one among a string of London-listed corporations to be taken over via overseas or personal fairness bidders in contemporary months.
Different goals have integrated William Hill, the bookmaker, and RSA, the insurer.
This week, Sky Information published that Equiniti, the FTSE-250 outsourcer, and Elementis, a chemical compounds staff, had won takeover approaches in contemporary days.
Stocks in Aggreko closed on Wednesday at 870.5p, modestly under the cost of the be offering from TDR and I Squared.
Aggreko and Liontrust declined to remark.