Institutional shareholders owning up to 15% of Prudential are preparing to write to the chairman telling him they will oppose the insurer's $35bn takeover of AIA.
It is understood some of the Pru's biggest institutional owners are among those poised to write to Harvey McGrath within the next 48 hours, the Times reports.
Their move represents a hammer blow to the Pru's chances of getting the 75% approval it needs to clinch the bid, and comes as the ABI issues an amber-top warning on the deal.
Some of the shareholders writing to oppose the deal will ask McGrath for an eleventh-hour meeting to give him the chance to convince them. It is understood a number of investors will urge him to try to renegotiate the price.
Robin Geffen, the co-founder of Neptune Investment Management, which owns about £50m in Pru shares, is separately trying to marshall opposition to the AIA plan.
He said yesterday institutional shareholders accounting for more than 15% of the insurer had privately indicated to him they were preparing to vote "no". FULL STORY...
Jupiter Financials fund manager Philip Gibbs also expressed concerned about the "very, very expensive" AIA deal and revealed yesterday he sold his entire stake in Prudential on the first announcement of its proposed takeover.
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