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Electra chief hits at 'cynical' 3i offer
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THE acrimony between the venture capital group 3i and its GBP
1.25
billion takeover target, Electra Investment Trust, intensified
yesterday as each sought to gain the upper hand before next week's
shareholder meeting.
Michael Stoddart, Electra's chairman, described the "inadequate"
final offer as "a cynical attempt to buy Electra's valuable assets
for far less than they are worth. No responsible board could
recommend an offer at this level."
His attack followed 3i's mailing of a document to Electra
shareholders on Tuesday urging them to accept its offer of 725p a
share, comprising 65 new ...
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