Susannah Streeter, chief investment strategist at Wealth Club, said: “While suitors are still coming thick and fast, British firms this week have been turning the shoulder and rebuffing takeover attempts.
“There’s recognition among boards and shareholders that the value being spied by overseas bidders has potential to lead to a rebound in valuations, even though patience is going to be needed. Warehouse property developer Segro is the latest to reject an approach from US rival Prologis – one of the world’s largest real estate investment trusts. But the £12.6 billion on the table has been turned down, for now. That’s not to say a higher offer won’t be taken more seriously, and Segro are clearly trying to win over wavering investors by going public.
“It comes hot on the heels of easyJet turning down multiple bids from Castlelake, which is also attempting to appeal directly to shareholders to accept a deal.
“With the pound falling back as the dollar strengthens and UK assets feeling the effects of uncertainty on the UK political scene, British firms look increasingly attractive. The stampede to get take over slices of the UK market, at an attractive price, isn’t likely to slow any time soon.”
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