OM Skandia bid takes another turn

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...