UK Mortgages (UKML) had extensive conversations with investors before rejecting a takeover approach from M&G Investment Management, according to manager Rob Ford.
M&G criticised the UKML board for rebuffing an offer of 70p per share made on behalf of the M&G Specialty Finance fund, claiming it did not allow shareholders "sufficient time to evaluate the offer". However, speaking to Investment Week, TwentyFour Asset Management's Ford called the bid "an opportunistic approach". Update: UK Mortgages rejects M&G's final possible offer Ford said M&G had approached the board privately with a 67p bid, which had been rejected before it was made public on 20 July "on the basis of a material undervaluation" with the net asset value (NAV) trading around...
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