New Star Asset Management Received Possible Offers
12 Enero 2009 - 1:47AM
Noticias Dow Jones
New Star Asset Management Group PLC (NSAM.LN) confirmed Monday
that it is weighing several "indicative proposals" that could
include a full takeover of the company.
The Sunday Telegraph reported that U.K. asset manager Schroders
PLC (SDR.LN) and other financial groups last week submitted bid
proposals for the business.
Without naming sources, the newspaper said that Schroders put in
a bid thought to be worth in excess of GBP100 million for New Star
and is considered a front-runner to take over the asset
company.
Last month, the Financial Times reported that the troubled fund
management group had attracted more than 10 potential bidders,
including Henderson, Gartmore and Neptune Investment
Management.
New Star, badly hit by the financial crisis, was taken under the
control of five banks in December after agreeing to swap GBP240
million of debt for a 75% equity stake and a tranche of preference
shares.
In its statement Monday, New Star said the proposals were at a
preliminary stage and there was no certainty that a transaction
would be agreed.
"Given the company's current and proposed capital structure
(following the completion of the restructuring), it is not certain
that any such transaction will lead to a significant return, if
any, to current shareholders. There can be no assurance that any
offer for the company's ordinary shares, if forthcoming, would be
at or above the level of the company's current share price," New
Star said.
New Star shares closed Friday at 3 pence and have lost 98% of
their value in the past year.
Company Web site: www.newstaram.com
-By Digby Larner, Dow Jones Newswires; +33 1 4017 1748;
digby.larner@dowjones.com
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