British builder Laing throws weight behind new Henderson bid

0 Comments | AFP, November, 2006

LONDON (AFP) — British construction firm John Laing withdrew its backing for a takeover by German insurance giant Allianz, and reverted its recommendation back to a bid from investment fund group Henderson. Laing operates a raft of Public Finance Initiative projects in partnership with the British government for building public works such as roads, schools and hospitals.

Henderson's improved offer, pitched last Friday at 405 pence per share, valued the company at 1.004 billion pounds (1.481 billion euros, 1.897 billion dollars) and was deemed "fair and reasonable," Laing said in an official statement. Munich-based Allianz said it was unlikely to up its offer of 385 pence per share in the wake of Henderson's new offer. "We think our current offer reflects the value of the...