Monday October 6,2014 : PERFORM UNDER THREAT OF TAKEOVER COUP (Update)
Access Industries increases shareholding to over 50 percent
Len Blavatnik, the billionaire Warner Music owner, has acquired another 7.57 percent stake in digital sports rights firm Perform Group, bringing his holding through Access Industries to above 50 percent.
Access Industries offered Perform an acquisition bid of 260p per share in September this year, an offer rejected by the board as “undervaluing the company”.
When the Perform Group was created in September 2007, through a merger of two businesses: Premium TV and Inform, Blavatnik’s Access Industries held an approximate 45.2 percent stake in the new company.
Perform Group went on to float on the Financial Times Stock Exchange (FTSE 250) in April 2011 at a share price of 260p, the same price as Access Industries’ latest bid offer.
The Perform Group’s board of independent directors have fought the acquisition urging shareholders to resist the offer.