Fund manager Henderson makes second bid of 405p per share trumping Allainz offer

The battle for PFI specialist John Laing stepped up another gear today with the news that fund manger Henderson had placed a second bid of 405p per share.

The offer trumps the 385p per share recommended offer by German insurer Allainz last month and is 50p higher than Henderson’s original September bid.

John Laing shares soared on the news and were trading 12 points higher at 423p at 10.15am.

The battle for John Laing started in September when the board accepted the 355p per share offer from Henderson. The board were due to vote on that on 1 November but was cancelled when Allianz made its 385p per share offer on 27 October.

At the time of the Allianz bid William Forrester, chairman at John Laing, said the firm would “benefit from accessing funds that attract a competitive cost of capital and an international network of financial services specialists”.

If the Allianz deal goes ahead, Laing shareholders will have to pay a £9m break fee to Henderson for withdrawing the recommendation for its offer.

John Laing has said the board will consider Henderson’s new offer and make an announcement in due course.