Menu Close

Slater Investments opposes sale of insurer Randall & Quilter to Americans

view original post

One of the biggest shareholders in Randall & Quilter has rejected a £482 million takeover bid to take the Aim-listed insurer private.

The decision by Slater Investments to oppose the deal raises the risk that the sale of the insurer to Brickell, an American investment vehicle, falls apart.

Slater owns about 10 per cent of Randall & Quilter and for the takeover to go ahead it requires the backing of at least 75 per cent of shareholders who vote at a meeting on May 20 called to approve the deal. If other investors join Slater in rebelling against the sale the insurer could struggle to reach that threshold.

Slater is critical of both the level of Brickell’s 175p a share offer and the process by