UK Markets close in 4 hrs 3 mins

John Laing's second biggest investor backs KKR's $2.84 billion buyout deal

  • Oops!
    Something went wrong.
    Please try again later.
·1-min read
FILE PHOTO: Trading information for KKR & Co is displayed on a screen on the floor of the NYSE in New York
  • Oops!
    Something went wrong.
    Please try again later.

(Reuters) - Asset manager Schroders, the second biggest shareholder at John Laing, has backed private equity firm KKR's 2 billion pound ($2.84 billion) bid for the British infrastructure firm, calling it a "fair deal".

"As a major shareholder in John Laing we believe management have secured a fair deal for all stakeholders," a Schroders spokesperson said in an email statement late on Thursday.

The asset manager owns nearly 8% of John Laing, Refinitiv Eikon data showed.

Earlier this week, John Laing became the latest British company to attract a take-private bid as London-listed firms carry a discount to global peers, undermining the value of staying public.

The company's shareholders are entitled to 403 pence per share in cash, a premium of 27% to the stock's close on May 5, the day before the company confirmed it was in takeover talks.

Shares have gained nearly 28% since the disclosure and were trading at 404.2 pence by 0733 GMT on Friday.

($1 = 0.7052 pounds)

(Reporting by Yadarisa Shabong in Bengaluru; Editing by Arun Koyyur)

Our goal is to create a safe and engaging place for users to connect over interests and passions. In order to improve our community experience, we are temporarily suspending article commenting