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Dee Valley backs Severn Trent's increased takeover offer

Published 24/11/2016, 08:28
© Reuters. Dee Valley backs Severn Trent's increased takeover offer
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LONDON (Reuters) - Dee Valley (L:DEEV), a British regional water group at the centre of a takeover battle, switched its recommendation back to Severn Trent on Thursday after the bigger group again trumped investment fund Ancala's offer.

Ancala agreed to buy Dee Valley last month, but was outbid by Severn Trent (L:SVT) with a 1,705 pence-a-share offer. The investment group came back with a bid at 1,706 pence, but was trumped again by Severn Trent with a 1,825 pence a share offer after the market closed on Wednesday.

Severn Trent's latest approach values Dee Valley, which provides water to an area in northern England and Wales, at 84 million pounds.

"The Dee Valley Board considers that the revised acquisition represents a superior offer in terms of financial value (...) as compared with the revised Ancala proposal," the company said in a statement on Thursday.

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