Schroders to stand by Clyde
Schroders, which holds 19 per cent of Clyde's shares, is understood to see more value in the company than Gulf's final 120p-a-share offer which closes next Tuesday, and is expected to stand by the incumbent management.
Schroders' decision could be enough to swing the bid in Clyde's favour after PDFM, its second-largest shareholder, sold its 14.6 per cent stake earlier this week. That gave Gulf just under 29.9 per cent of Clyde, the limit imposed by Takeover Panel rules, and appeared to put the Canadian company in a commanding position.
Gulf is focusing its efforts on securing the 20 per cent it needs from holders of the 50 per cent of shares not held by itself or Schroders.
Schroders would not comment yesterday on its decision, except to say that it had not yet made up its mind. Gulf has meetings scheduled for today and tomorrow with undecided shareholders, including Schroders, at which it will attempt to gain the support of the remaining floating voters.
In a final exchange of letters yesterday the two sides wrote to shareholders with their final arguments. Gulf focused on the potential for a fall in Clyde's share price, if it escapes the bid.
- 4 #JeSuisEd: People share photos of themselves eating awkwardly in solidarity with Labour leader
- 5 Women think Irish men are the sexiest, survey finds
Italian police 'reveal' what Jesus looked like as a young boy
Mysterious 'X-Files' sounds heard miles above the Earth
Florida couple forced to register as sex offenders for having sex on public beach
Who should I vote for in the general election? Take The Independent's interactive quiz to find out which party is the right choice for you
General election: Conservatives mocked online over Boris Johnson's claim of SNP 'jockalypse'
In defence of liberal democracy
General Election 2015: Post-election 'shambles' looms as 70 per cent of voters say SNP 'should not be able to veto UK government policies'
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
General Election 2015: Sturgeon claims Scots 'appalled' by Ed Miliband's refusal to work with SNP
iJobs Money & Business
£60000 - £70000 per annum + benefits : Ashdown Group: A highly successful, glo...
£25000 - £30000 per annum + benefits: Ashdown Group: A global leader operating...
£27 - 35k + Bonus + Benefits: Guru Careers: A Management Accountant is needed ...
£40-50k + Benefits.: Guru Careers: A Project Manager / Business Analyst is nee...