Fidelity selling BET

RUSSELL HOTTEN

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.

Independent Comment
blog comments powered by Disqus
News in pictures
World news in pictures
       

Day In a Page

Johnny Marr talks relationships and reunions

He's worked with Modest Mouse, the Pet Shop Boys and Beck, to name a few, and recently released his first solo album. So why, wonders Johnny Marr, do people still hark on about The Smiths?
After the flood: From Haiti to Britain, one man has captured the devastation of our increasingly deluged lands

In pictures: After the flood

From Haiti to Britain, one man has captured the devastation of our increasingly deluged lands
Death becomes her: Meet the very modern mortician who champions 'cool' funerals

Death becomes her: A very modern mortician

Ever considered baking a loved one's remains into a cake or putting their ashes in fireworks? If so, talk to Caitlin Doughty, champion of the alternative death industry.
How long can the 'Keep Calm' trend carry on?

How long can the 'Keep Calm' trend carry on?

At first it seemed clever and cute. Then the 'Keep Calm' motif went mad, spawning endless offshoots.
The man who built Brum: A lament for the demise of John Madin's Brutalist Birmingham

John Madin: The man who built Brum

The architect's buildings were supposed to leave an indelible, futuristic mark on his beloved hometown but they are now being inexorably torn down.
School of chop: Learning the art of butchery at the Ginger Pig

School of chop: Learning the art of butchery

How do you butcher a lamb? Or make Mexican street food in a British kitchen? Christopher Hirst finds out.
James Pembroke: The man who's eaten everywhere

The man who's eaten everywhere

Few people know more about restaurants than James Pembroke, who only spent five mealtimes at home during his entire childhood.
A Berliner in 1963 – but did John F Kennedy once admire Adolf Hitler?

A Berliner in 1963 – but did John F Kennedy once admire Adolf Hitler?

The young JFK praised 'superior' Nordic races during visits to Germany
Banned Iranian director Mohammad Rasoulof to attend Cannes Film Festival 2013, his first public appearance since prison

Banned Iranian director to attend Cannes Film Festival

Mohammad Rasoulof to make his first public appearance since being imprisoned three years ago
Seeing the larger picture: Inspiring images of space

Seeing the larger picture: Inspiring images of space

An exhibition explores images how photography has shaped astronomy
Eat Spam and carry on: Wartime pamphlets could teach us a thing or two about healthy, thrifty eating

Eat Spam and carry on

Wartime pamphlets could teach us a thing or two about healthy, thrifty eating
Facial hair: Cat beards and the purrrsuit of excellence

Facial hair

Cat beards and the purrrsuit of excellence
The 10 Best salt and pepper sets

The 10 Best salt and pepper sets

Whether they're for everyday use or to make your dining table look just right, it's worth getting a stylish shaker...
Ferran Soriano: Predicting success if Manchester City 'vision' is followed

Ferran Soriano: Predicting success if Manchester City 'vision' is followed

Chief executive says trophies will come if a 'core' of suitable players is in place
Thomas Müller: We couldn't handle losing a Champions League Final again

Thomas Müller: We couldn't handle losing a Champions League Final again

The Bayern Munich forward tells Tim Rich his side have to shed chokers' tag after two recent final defeats