Fidelity selling BET
Saturday 02 March 1996
Fidelity, the global investment house, has been a heavy seller of shares in BET, the industrial services group facing a hostile pounds 1.9bn bid from Rentokil.
The firm, the second largest shareholder in BET before the bid was announced last month, has reduced its stake from 5.17 per cent to about 3.3 per cent.
Mercury Asset Management, which held 1.7 per cent at the start of the bid battle, is also thought to have been a steady seller.
Share traders have said there has been heavy demand from the United States as arbitrageurs piled into BET in the hope that Rentokil will increase its offer.
One analyst said that the move by the two investment firms suggested some doubts that Rentokil would increase its offer significantly.
"There seems to be a lot of hedging of bets here. BET had been a dog and it makes sense to cash in a few shares," the analyst said.
The offer is nine new Rentokil shares and pounds 8 cash for every 20 BET shares, valuing BET at 190p a share at the start of the bid.
Meanwhile, BET is not expected to publish its offer document until the middle of next week at the earliest.
- 2 General Election 2015: 14-year-old boy asks Nick Clegg – 'can you kill Katie Hopkins?'
- 3 University student in court for allegedly covering housemates' food in window cleaner and spit
- 4 Ryan Gosling posts tribute to 'Ryan Gosling Won't Eat His Cereal' creator Ryan McHenry
Italian police 'reveal' what Jesus looked like as a young boy
Mysterious 'X-Files' sounds heard miles above the Earth
Garland shooting: Isis claims attack on Prophet Mohamed cartoon contest in Texas as its first action on US soil
Met Gala 2015: Beyoncé manages to out-skimp Rihanna, Miley and Kim Kardashian combined with near-naked ensemble
General Election 2015: Photographic history of Bullingdon Club tracked down - including new picture of David Cameron in his finery
In defence of liberal democracy
Over 50,000 families shipped out of London boroughs in the past three years due to welfare cuts and soaring rents
EU asylum policy is 'a direct threat to our civilisation', says Nigel Farage
The Rothschild Libel: Why has it taken 200 years for an anti-Semitic slur that emerged from the Battle of Waterloo to be dismissed?
General Election 2015: UK will be 'run for the wealthy and powerful' if Tories retain power, Labour warns
General election live: SNP suspends two members for disrupting Labour rally
iJobs Money & Business
£20000 - £25000 per annum + Uncapped commission: SThree: Can you speak German,...
£25000 - £30000 per annum + benefits: Ashdown Group: An exciting opportunity f...
£215 per day: Ashdown Group: Junior Project Manager (website, web application ...
£40-50K: Guru Careers: We are seeking an experienced Software Engineer / Softw...