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Dee Valley backs Severn Trent's increased takeover offer

Reuters - UK Focus

LONDON, Nov 24 (Reuters) - Dee Valley (LSE: DVW.L - news) , a British regional water group at the centre of a takeover battle, switched its recommendation back to Severn Trent (Other OTC: STRNY - news) 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 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 ($104 million).

"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.

($1 = 0.8042 pounds) (Reporting by Paul Sandle; editing by Sarah Young)