Shares dropped for UK-based water company Severn Trent after the conglomerate abandoned buyout talks, leading to heavy losses for hedge funds that bet on a successful takeover. Severn Trend reportedly let the bidding deadline expire after Canada-based LongRiver failed to make an offer the water company felt was adequate. LongRiver’s top bid valued Severn Trent at $8.3 billion, which did not “reflect the significant long-term value” of the company, according to a representative. LongRiver, which cannot make any more bids for the company for at least six months, had made a statement confirming the failed merger talks after the water conglomerate showed an “absence of meaningful engagement,” according to LongRiver. Severn Trend shares dropped 8.8 percent at the end of trading on Wednesday.
Full Content: BBC
Want more news? Subscribe to CPI’s free daily newsletter for more headlines and updates on antitrust developments around the world.
Featured News
T-Mobile Faces Class-Action Lawsuit Over Sprint Merger After Appeal Denied
May 16, 2024 by
CPI
Google Faces Backlash Over Introduction of AI-Generated Summaries in Searches
May 16, 2024 by
CPI
CMA Launches Phase 2 Probe into AlphaTheta’s Acquisition of Serato
May 16, 2024 by
CPI
NFL Executive Escapes Testifying in High-Stakes Trial Over Televised Games
May 16, 2024 by
CPI
EU Consumers Lodge Complaint Against Chinese Retailer Temu Over Content Rules Breach
May 16, 2024 by
CPI
Antitrust Mix by CPI
Antitrust Chronicle® – Ecosystems
May 9, 2024 by
CPI
Mapping Antitrust onto Digital Ecosystems
May 9, 2024 by
CPI
Ecosystems and Competition Law: A Law and Political Economy Approach
May 9, 2024 by
CPI
Ecosystem Theories of Harm: What is Beyond the Buzzword?
May 9, 2024 by
CPI
Open Ecosystems: Benefits, Challenges, and Implications for Antitrust
May 9, 2024 by
CPI