Schroders Andy Brough, Morson's second biggest independent shareholder after Axa, has not accepted the Mason family’s cheapskate offer to buy back Morson at a price less than two thirds the level at which they floated it six years ago. He thinks that the price is too low.
Let's hope some more of Morson's other institutional shareholders follow Schroders' lead,and do not roll over and accept this shabby deal without a fight, as Axa's George Luckraft has done.
Although the odds seem stacked against Morson's minority shareholders, now that Morson has 71.4% of acceptances, the battle is not over.
Strip out The Mason family and Axa, which together have 57.37%, then the total 71.4% acceptance level might sound a lot, but it indicates that only a third of the remaining minority shareholders have so far accepted this rock-bottom offer
FYI: John Ficenec, an Investors Chronicle journalist, has written a couple of critical pieces about this shabby deal which are well worth reading.