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.
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