BALL clay producer Watts Blake Bearne has succeeded in fighting off
the hostile #87m takeover bid from Sibelco.
The Belgian company managed to pick up only 1.6% during the battle to
bring its total holding to 46.8%, due to unusual loyalty among WBB
shareholders.
These included unit trust giant M&G which publicly supported WBB
throughout and helped by buying shares at 430p compared with the 420p
cash offer, on the grounds that it believed the stock undervalued.
A spokesman for Lazards, which advised Sibelco, said last night that
it would remain a long-term investor in WBB, and indicated that it would
buy another 1% over the next year as permitted by the Takeover Code.
However, it would not overpay for the 280-year-old company.
One Scottish institutional shareholder is believed to have valued it
at 620p.
The bid was mandatory after Sibelco bought out two other members of a
concert party, and throughout was characterised as being one of the most
low key from the bidding side of almost any in recent City history.
The total cost to WBB is estimated at #950,000.
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