The Board of Severn Trent PLC announced this morning that it has rejected an possible takeover approach by a consortium of overseas investors on the grounds that it completely failed to recognise the value of Severn Trent Water.
Yesterday representatives of Severn Trent met representatives of the Consortium, which consists of Borealis Infrastructure Management Inc., the Kuwait Investment Office and Universities Superannuation Scheme Limited, for the first time.
At that meeting, a conditional proposal was tabled by the Consortium at what Severn Trent describes as “only a modest premium to the share price before the announcement of 14 May.”
The Board said it had reviewed the Proposal with its advisers and concluded that “it completely fails to recognise the existing and potential value of Severn Trent.” However, the Board did not disclose any details of what the consortium had offered.
The Board has now formally notified the Consortium that it has rejected the Proposal.
Esrly this week the value of the FTSE 100 company's shares soared to a record 2,170 pence, valuing Severn Trent at over £5 billion pounds, on news of the potential bid.
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