A target of 90% acceptance by Skandia shareholders outlined by Old Mutual is under pressure after yet another Swedish institutional shareholder has declared itself against the deal.
Handelsbanken’s asset management business has declared its funds hold 2.2% of Skandia, but this share stake will not be voting in favour of accepting the £3.3bn OM bid.
The bid is now essentially a hostile one as the Skandia board has urged shareholders not to accept the offer - although the board has split on the issue.
Together with other institutions, there are now some 10% of shares committed to stopping the deal going through at its current price level. Despite the 90% target being under threat, OM has so far given no indication of turning away from the deal or offering to change its price in order to shore up support.
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