(recasts, adds updated share buying information in first par)
LONDON (Thomson Financial) - Water Hall Group Plc, which is opposed to the
recommended takeover offer for Premier Asset Management PLC by management buyout
vehicle Harvard Bidco, has today bought a further 63,137 shares in Premier at
287 pence each and now holds 1,322,320 shares, representing 8.61 pct, according
to a London Stock Exchange notification.
Earlier this week Water Hall said the Financial Services Authority (FSA) had
allowed it "and defined associates" to increase their stake in Premier Asset
Management to above 10 pct.
In July, Harvard Bidco, backed by private equity firm Electra Partners and
Premier's management team, said it had agreed to buy Premier for 285 pence a
share in cash, valuing the company at about 43.8 mln stg
Last week the FSA approved Harvard Bidco's offer for Premier, although the
group is reportedly still some way off securing the extra shareholder support it
needs before the MBO can go ahead.
Harvard Bidco said it will not extend its recommended cash offer for Premier
beyond Aug 24. If the offer is not declared unconditional by then it will lapse.
tf.TFN-Europe_newsdesk@thomson.com
slm
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