Tuesday, 22 November 2016
Breaking news: New bid for Dee Valley Water
Ancala, a London-based investment management firm, has tonight put in a new bid for Dee Valley Water that offers a penny extra to shareholders.
The offer of £17.06 per share trumps the existing Severn Trent offer of £17.05 - valuing the company at £78.5m.
Crucially, they have bought shares or had promises of support from existing shareholders equivalent to almost 40% of the total shareholding. This would effectively block any attempt by Severn Trent to get the necessary 75% needed at the EGM to take over Dee Valley.
Ancala has pledged to maintain Dee Valley as a distinct firm with a Wrexham base.