The private equity firm behind a £1.2 billion bid for Clinigen is under pressure to raise its offer, with Elliott Management understood to be among several hedge funds believing that it undervalues the drugs provider.
Triton Investment Management’s 883p-a-share cash offer for Clinigen was recommended by the British company’s board last month. The proposal is at a 41 per cent premium to Clinigen’s ex-dividend share price at the start of the month, before the offer period began.
However, shares in Clinigen, one of the larger companies on Aim, London’s junior stock market, stand at 916p, suggesting that some investors expect an improved offer.
Read more/Source: The Times
