By Ian Walker
Science Group PLC said Friday that it has increased its shareholding in U.K. engineering company TP Group PLC to 23.15% from 20.9%.
The shareholding, which was disclosed in a regulatory filing, is worth 11.7 million pounds ($16 million) based on the current offer proposal price of 6.5 pence. Science Group now owns 180.4 million TP Group shares, up from 140.5 million. Earlier this week Science Group increased its shareholding from 18.03%.
On Tuesday, the science-led services and product development company said it didn’t plan to increase its GBP50.6 million takeover proposal for TP Group and therefore declared it final.
Science Group made the disclosure after TP Group rejected its latest 6.5 pence-a-share proposal late Monday.
Science Group also reiterated that if the TP Group board continues its refusal to cooperate and Science Group is unable to proceed with an offer, then it will keep its shareholding as a strategic investment and “adopt an active engagement strategy in relation to its investment.” The company won’t consider any offers for its shares in TP Group from third parties, it said.
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Advisors’ Opinion:
- [By Max Byerly]
Bank of New York Mellon Corp decreased its position in shares of Quidel Co. (NASDAQ:QDEL) by 49.1% during the 4th quarter, HoldingsChannel.com reports. The institutional investor owned 160,164 shares of the company’s stock after selling 154,544 shares during the period. Bank of New York Mellon Corp’s holdings in Quidel were worth $7,819,000 as of its most recent SEC filing.
- [By Shane Hupp]
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