A leading shareholder advisory group has swung behind Interserve ahead of a crucial vote next week on a rescue deal that will determine the future of the troubled outsourcer.
The move will come as a blow to Interserve’s largest shareholder – New York-based hedge fund Coltrane Asset Management – which is campaigning against the deal put forward by the outsourcer on the grounds it will all but wipe out investor value.
Institutional Shareholder Services, which advises investors worldwide, acknowledged that the rescue deal was “not without concern for the shareholders”.
