Slough Estates’s £277m hostile takeover bid for Bilton looks set for a nail-biting finish next week after Bilton’s biggest shareholder effectively opened the door to a white knight.
The Glenhazel Investment Trust, which owns 29.4% of Bilton, this week postponed a decision on Slough’s offer to look at other options. In a statement on Tuesday, Glenhazel said: “The EGM agreed to adjourn to allow the board the time and flexibility to explore the alternatives open to it.”
Glenhazel refused to elaborate on what the alternatives to Slough’s offer are. But the move was seen as an indication that the trust is willing to talk to bidders who could top Slough’s offer.
Analysts pointed out that Glenhazel has not left much time for a white knight to come forward. The deadline for shareholders to vote on Slough’s bid is next Friday, so any counter bids would have to be agreed before then.
Merrill Lynch analysts Robert Fowlds and Alec Pelmore said: “Any counter- bidder has to get a move on. Meanwhile, it would be in everybody’s best interests if Glenhazel and the Bilton board negotiated a final price with Slough.”
Glenhazel is due to meet again next Thursday.
