John Laing Infrastructure Fund shares leap on potential £1.4bn offer
Shares in John Laing Infrastructure Fund (JLIF) leapt by more than 17 per cent this morning after a consortium of funds announced a possible cash offer for the business.
The consortium said this morning that it is in negotiations with JLIF over a cash offer for the London-listed business that could value it at £1.4bn.
The consortium consists of Dalmore Capital (as manager for and on behalf of certain infrastructure funds) and Equitix Investment Management.
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They confirmed discussions with JLIF about the possible all cash offer which would represent a 20.6 per cent premium to LLIF’s last closing share price of 118.2p on Friday.
The potential offer is at a price of 142.5p a share and also includes the payment of a dividend of up to 3.57p a share to JLIF shareholders prior to the closing of the transaction.
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The statement to the stock exchange said that the board of JLIF “have indicated to the consortium that it is minded to recommend a firm intention to make an offer for JLIF if made by the consortium on the terms set out in this announcement”.
It also warned that “there can be no certainty that any offer will be made”.