FPDSavills managing director Aubrey Adams has refused to comment on rumours that the firm is facing a £143m takeover.
Hong Kong-based First Pacific Davies, which took a 20% share in Savills in 1997, is believed to be lining up for a cash bid worth 260p per share. FPDSavills’ shares were trading at 177p on Thursday.
The move is understood to be prompted by FPDSavills’ talks with US property consultancies to increase its involvement across the Atlantic. FPD was barred by agreement from buying more shares in FPDSavills until April.
Adams said: “I am not prepared to make any comment on market rumours.” FPD (UK) was not available for comment.
EGi News 08/10/99
