A number of Swedish institutional shareholders have rejected Old Mutual's bid offer for Skandia, citing too low a price and uncertainty over the level of benefits the proposed business model would bring.
None of the shareholders have specifically stated they would reject the offer even if offered a higher price for each Skandia share but such a change to the offer has not yet been made by OM, as the firm has stated it will push ahead with its bid regardless of the recommendation of Skandia's board. That board is itself split on the SEK44.9bn (£3.3bn) deal, as its statement of 23 September shows. Rejections officially announced by shareholders thus far include: 3 October – Robur, the asset management arm of Swedbank. According to the company’s statement it currently owns 2.25% of Sk...
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