The FSA has approved Harvard Bidco's £42.8m MBO of Premier Asset Management although the group is still a way off securing the extra shareholder support needed before the deal can go ahead.
On August 13, Harvard Bidco said it had received valid acceptances for 57.2% of Premier Asset Management; some way from the 90% required to secure the deal. As a result, the group decided to extend the offer period until August 24. Meanwhile, one of the opponents to the deal, Premier shareholder Water Hall Group said today it has bought 36,000 more shares in the asset manager at 288 pence each. This will lift its stake to 6.23%. Unicorn Asset Management is also thought to be against the deal. Harvard Bidco, which consists of Premier Asset Management senior staff and is backed by privat...
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