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May 7, 2021
, Bloomberg News
(Bloomberg) -- One of St. Modwen Properties Plc’s biggest investors said Blackstone Group Inc.’s 1.2 billion-pound ($1.7 billion) takeover proposal for the U.K. developer is too low.
J O Hambro Capital Management Ltd. likely wouldn’t support a sale of the company at Blackstone’s potential bid level of 542 pence per share, it said in response to Bloomberg queries. The fund manager owns just over 9% of St. Modwen, according to the statement.
St. Modwen’s current plans will deliver value “well in excess of the potential offer,” Alex Savvides, a senior fund manager at J O Hambro, said by email.
“There are unique strengths to this business and its asset base, built up over many years, that the stock market has in recent years consistently failed to recognize,” said Savvides, who helps run J O Hambro’s UK Dynamic Fund. “Our preference would be to work with the existing board to help support, both strategically and financially, the continuation and acceleration of the existing strategy.”
Representatives for Blackstone and St. Modwen didn’t immediately respond to requests for comment.
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