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German insurer Allianz bids 957.5 million pounds for John Laing
2006-10-27
German insurance giant Allianz has said it had launched a friendly takeover bid for British construction group John Laing for 957.5 million pounds (1.43 billion euros, 1.8 billion dollars). Allianz said it was offering 385 pence per share for John Laing, outbidding a rival offer from asset manager Henderson Group. Henderson had been offering 355 pence per share, valuing its bid at 886.9 million pounds. John Laing, which specialises in the construction of hospitals and schools, has withdrawn its recommendation of the Henderson offer and was recommending its shareholders to accept the Allianz offer instead. "In view of the materially higher value which the Allianz offer represents compared with the Henderson proposals, the board considers the terms of the Allianz offer to be fair and reasonable and recommends them to shareholders," John Laing said in a statement Friday. "Accordingly, the board of John Laing has withdrawn its recommendation with respect to the Henderson proposals." A spokeswoman for Allianz in Munich said the German insurance giant had already received commitments from 51.76 percent of John Laing's share capital. If the offer is successful, the takeover is expected to be completed by the beginning of next year, the spokeswoman said.
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