| Severn Trent Plc (SVT), the second-largest publicly traded U.K. water utility, rejected a sweetened takeover proposal from a Canadian infrastructure investor and Kuwait’s sovereign wealth fund that valued the company at 5.2 billion pounds ($7.98 billion), saying the offer was too low.
The spurned approach, the second since May 14, values the utility at 2,079.49 pence a share because stockholders wouldn’t receive a 45.51 pence dividend, Coventry-based Severn Trent said today. LongRiver Partners, the bidding group, comprises the Kuwait Investment Office, Borealis Infrastructure Management Inc. and Britain’s Universities Superannuation Scheme...............................................Full Article: Source
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