10 October 2006
The East Anglian water firm AWG will back the latest consortium bid from Osprey that has been valued at £2.25 billion.
Osprey made the 1,578 pence-a-share offer this Monday, which represents an increase on all previous bids.
The consortium's last bid for AWG stood at 1,555 pence per share. Osprey also made a move to discourage any rival bids by increasing its stake in AWG from 9.6% to 21.1%.
Osprey consortium is made up of Canadian, British and Australian businesses.
AWG runs Anglian Water in east England and the news of the takeover comes at a time when a number of separate firms are targeting other water firms for acquisition.
Osprey's latest offer is a mix of debt and equity and is a 42.7% premium on the average share price over the last 12 months.
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