LONDON (Reuters) - Activist investor Edward Bramson is ramping up his stake in UK private equity firm Electra (L:ELTA), with his holding hitting 27.59 percent, according to a regulatory statement on Monday.
Bramson's investment vehicle Sherborne has continued to build up its stake in Electra, despite a raft of proposals being rejected by shareholders in a showdown in October last year.
Under the UK's takeover rules, an investor must table a cash offer to other shareholders once they have acquired a 30 percent stake in a company.
However in a prospectus document for a share issue this year, Sherborne said it could only acquire up to 29.9 percent of shares in the target company.
Bramson had proposed a shake-up of the fund and its management, pledging to more than double its market value. At the time Bramson's holding stood at 20 percent. The investor's interest in the company was first announced in February 2014.
Electra Chairman Roger Yates in February agreed to a meeting requested by Bramson, with a date yet to be fixed.
Sherborne, whose backers include Aviva and Fidelity, has ample shareholder support for further stakebuilding in Electra, a source familiar with the situation said.
Electra and Sherborne declined to comment.