Slough's Bilton offer gets a boost

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The Independent Online
THE pounds 276m hostile bid by Slough Estates, the property group, for rival Bilton received a boost yesterday after it emerged that Bilton's largest shareholder had called a meeting to discuss the offer.

Slough said it "believed" that shareholders controlling more than 50 per cent of Glenhazel Investment Trust, which counts a number of Bilton directors as trustees, "would be likely to support" its increased offer. However, the outcome of the vote was uncertain because the majority of votes in Glenhazel is controlled by another charity trust, also featuring Bilton directors. The Bilton board repeated its rejection of Slough's bid.