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.
- 1 I was raped by another man. And now the Government wants to take away the one thing that saved my life
- 2 Wikipedia edits from inside Parliament removing scandals from MPs' pages, investigation finds
- 3 Preston fan who appeared to snatch Jermaine Beckford's shirt from eight-year-old boy identified and says: 'the truth will come out'
- 4 Johnny Depp facing 10 years in jail for illegally bringing dogs to Australia
- 5 Iran launches anti-Isis cartoon competition 'to expose true nature of Islamic State'
Wikipedia edits from inside Parliament removing scandals from MPs' pages, investigation finds
Australian man punched in the face for defending Muslim women from abuse on train
Priest warns pupils the 'Charlie Charlie Challenge' is 'demonic activity'
Johnny Depp facing 10 years in jail for illegally bringing dogs to Australia
Iran launches anti-Isis cartoon competition 'to expose true nature of Islamic State'
As a white man, I'm surprised more women aren't tweeting the hashtag #KillAllWhiteMen
EU referendum: David Cameron's rules are a 'democratic disgrace', says French-born Scottish politician set to be denied a vote
The day that Britain resigned as a global power
SNP fury as HS2 finds 'no business case' for taking fast train service to Scotland
A nation of inequality: How the UK is failing to feed its most vulnerable people
EU referendum: David Cameron to deny EU migrants and under-18s the chance to vote
iJobs Money & Business
£20000 - £25000 per annum + competitive: SThree: Did you know? SThree is a mul...
£55 - 65k (DOE): Guru Careers: A unique opportunity for a permanent C# Develop...
£16 - 20k: Guru Careers: A Graduate Editor / Editorial Assistant is needed to ...
£40-50K: Guru Careers: We are seeking an experienced Software / C# Developer w...