LONDON, Nov 8 (Reuters) - An investment vehicle controlled by financer Edmund Truell’s specialist pension fund manager said it could still pull out of its 398 million pound ($835.6 million) takeover of Telent TLNT.L, despite overwhelming support from Telent’s investors for the bid.
It said it had won acceptances for its bid offer from investors representing 94 percent of Telent shares, but would decide in three weeks whether to pull out of the bid after the Pensions Regulator decided to put three independent trustees on the board of Telent’s UK pension scheme.
Co-Investment No.5 LP Incorporated (CILP), the investment vehicle being used by Truell’s Pension Corporation to make the bid, said that while it and Telent continued to have “constructive dialogue with the relevant parties” the circumstances that breached its offer remained in place.
“If those circumstances continue to persist on 28 November 2007, CILP will ... allow the offer to lapse,” it said.
Telent shares were trading down 0.5 percent at 520-1/2 pence at 1109 GMT, well below the offer price off 600 pence. (Reporting by Simon Challis; Editing by David Holmes)