Company pulls out of agreement with Henderson in favour of higher offer from Allianz Infrastructure
An £957.5m offer from Allianz Infrastructure Holdings for John Laing has been recommended to shareholders.
The offer means shareholders will receive 385p per ordinary share compared with 355p per ordinary share under Henderson Infrastructure offer announced on 19 September.
Commenting on the Allianz Offers, William Forrester, chairman of John Laing said: “We believe that the Allianz Ordinary Offer, which is at a clear premium to the value offered under the Henderson Proposals, provides John Laing shareholders with an attractive cash price which fully reflects the quality of John Laing's portfolio and established position in PFI/PPP markets.
“Accordingly, the directors of John Laing have withdrawn their recommendation of the Henderson Proposals and are now recommending that John Laing shareholders accept the Allianz Offers. John Laing would benefit from accessing funds which attract a more competitive cost of capital and an international network of financial services specialists.'
A meeting about the Henderson offer schedule for the 1 November has been adjourned until further notice.