听The Financial Times reports this morning that Fidelity Worldwide Investments, which听owns 10.5% of Redrow shares, sees Mr Morgan鈥檚 bid as 鈥榦pportunistic鈥� and plans to oppose him.
Mr Morgan is executive chairman of the company and owns 40.4%. of 152p per share to buy the remainder of the company 鈥撎齰aluing it at 拢660m. His backers include the second biggest shareholder, Toscafund Asset Management, which owns 13.8%.
Under takeover rules, Mr Morgan must table a firm bid by 28 September if he wants to proceed.
Got a story? Email news@theconstructionindex.co.uk
