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Staunton Extends FIH Offer, Lowers Threshold To Fend Off Rival Bid (ALLISS)

Fri, 17th Mar 2017 09:47


LONDON (Alliance News) - Staunton Holdings Ltd on Friday said it has extended its takeover offer for FIH Group PLC and lowered the amount of support it needs from shareholders after a rival bidder emerged seemingly willing to pay a "significant premium" to Staunton's offer.

FIH Group confirmed Wednesday it is has been approached by one of its shareholders over the possibility of making an offer for the company, to compete with the existing bid from Staunton.

Dolphin Fund Ltd is the rival bidder that has asked for more information on FIH before pricing its offer, only committing to paying much more than Staunton's offer of 300.0 pence per FIH share, itself priced at a 27% premium. Dolphin Fund already owns a 2.5% stake in FIH.

FIH directors agreed to the GBP37.3 million takeover offer from Staunton in February. Staunton owns a 25% stake in FIH alongside its associate Blackfish. FIH, formerly called Falkland Islands Holdings, owns the Portsmouth Harbour Ferry Co and art transport and storage service Momart.

FIH said on Thursday that it has sought these details from Dolphin ahead of making any formal response; however as no such clarifications have been forthcoming, no formal response has yet been made.

On Friday, Staunton issued its response to Dolphin Fund and also said it has extended its offer and lowered the threshold of support needed, meaning the deadline has been pushed back to April 5 while approval from over 50% of FIH shareholders is now being sought, rather than the previous 90%.

As of Thursday, Staunton said it has received acceptances for its offer from FIH shareholders that collectively hold a 36.07% stake.

Staunton said it "confirms that it has not entered, and does not wish to enter, into any dialogue with Dolphin in relation to a possible offer."

"Staunton also reminds FIH shareholders that Staunton's offer is recommended and is at 300.0 pence per FIH share which is a premium of approximately 27.39% to the closing price of 235.5 pence on February 9, 2017, being the day prior to the beginning of the offer period," said Staunton.

FIH shares were down 0.8% at 325.00 pence per share on Friday.

By Joshua Warner; joshuawarner@alliancenews.com; @JoshAlliance

Copyright 2017 Alliance News Limited. All Rights Reserved.

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