Borealis Infrastructure Management and its partners in the LongRiver Consortium have announced the abandoning of a £5.3 billion offer for Severn Trent.
In a statement on behalf of the Consortium, Michael Rolland, President and CEO of Borealis, said:
“The Severn Trent Board has shown no interest in discussing our Pre-conditional Offer with us. In the absence of any such engagement, there will be no further proposal from the Consortium and no offer for Severn Trent shareholders to consider.”
Severn Trent rejected a third bid of 2,200 pence a share from the LongRiver Consortium, which also includes the Kuwait Investment Office and Britain’s Universities Superannuation Scheme, on 7 June, an offer which valued the utility at £5.3bn.
The water company also rejected bids made in May by the consortium.
Under UK takeover rules, LongRiver has until 5pm today to make another bid, but said it “will not put forward a further proposal for the Company in the absence of meaningful engagement.”
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