German insurance group Allianz has made a £903m cash offer for John Laing, the schools, roads and hospitals bidder.
The recommended offer of 385p a share trumped a rival 355p bid from Henderson, the fund management group, by 8.5%. It put the offer at a premium of almost 40% to the share price on 13 September, the day before the first bid approach was confirmed.
References: Financial Times 28/10/06 page 1, Daily Telegraph 28/10/06 page 31, The Times Business 28/10/06 page 56, The Guardian 28/10/06 page 39, The Independent 28/10/06 page 52
