Smart Metering shareholder PrimeStone, founders to reject KKR deal
Smart Metering Systems
952.00p
16:40 24/04/24
0.00%
0.00p
Smart Metering Systems fell on Thursday after shareholder PrimeStone and the company’s founders, Alan Foy and Steve Timoney, said they plan to oppose its £1.3bn acquisition by US private equity firm KKR.
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PrimeStone and the founders - who collectively control around 17.8% of SMS’s issued share capital - said they were "disappointed" with the 955p a share offer price and intend to vote against the offer.
SMS announced earlier this month that it had agreed to be bought by KKR, with the offer price representing 40.4% premium to the closing share price a day earlier.
At 0900 GMT, the shares were down 3.4% at 925p.