Roditi launches pounds 31m bid for P&G
Friday 01 August 1997
Nick Roditi, the fund manager linked with both George Soros and before that Lord (Jacob) Rothschild, has launched a pounds 31.5m takeover bid for P&G after taking his stake to 43 per cent by picking up 14 per cent from his erstwhile adversary, Konrad Legg, the group's long-standing chairman. The offer came at the 11th hour to avert a showdown between the two sides at yesterday's annual meeting.
Mr Legg has been resisting attempts by Mr Roditi to have him removed and replaced by Mr Roditi's friends, fellow Zimbabwean and former Bank of England deputy governor, Rupert Pennant-Rea, and Derek Netherton, a one-time corporate financier at Schroders.
Now Mr Legg has agreed to go quietly, pocketing around pounds 3.6m and keeping a stake of just under 3 per cent in the company. Selwyn Pryor, another director, is also retiring, with Messrs Pennant-Rea and Netherton joining an otherwise unchanged board. The two newcomers pick up 500,000 options, exerciseable at the 80p offer price.
The bid compares with an indicative offer of 58p a share made earlier this year by Rovida, Mr Roditi's vehicle for the takeover, which was dismissed as inadequate by the board.
The shares rose 1p to 82.5p yesterday.
- 1 Nathan Collier: Montana man inspired by same-sex marriage ruling requests right to wed two wives
- 2 People all over the world are getting semicolon tattoos to draw attention to mental health
- 3 Van driver who comforted Clark Carlisle and called 999 after suicide attempt dies age 24
- 4 James Blunt was special guest on the highest-rating Top Gear episode ever
- 5 The biggest first date turnoff has been revealed
Nathan Collier: Montana man inspired by same-sex marriage ruling requests right to wed two wives
Greece crisis: IMF was pushed around by Angela Merkel and Nicholas Sarkozy – and now it is being humiliated
'I wish the BBC would stop calling it Islamic State' – David Cameron unleashes frustration at broadcaster
Forget little green men – aliens will look like humans, says Cambridge University evolution expert
Girl, 7, stares down hate preacher at Ohio festival with pro-LGBT rainbow flag gesture
Sickness and disability benefits could be reduced by £30 a week as part of £12bn welfare cuts
iJobs Money & Business
£15000 - £17000 per annum: Recruitment Genius: This company offers a range of ...
£15000 - £16000 per annum: Recruitment Genius: Customer Service Advisors are r...
£20000 - £25000 per annum + OTE £45K: SThree: SThree were established in 1986....
£40000 - £60000 per annum: Recruitment Genius: A Compliance Manager is require...