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Premier fails in initial MBO move

The proposed management buyout of Premier Asset Management has come under threat today after the group attracted less than half the required shareholder support.

Only 40.47 per cent of shareholders voted in favour of the MBO by the August 13 deadline, with the group looking to garner a 90 per cent majority.

Last month Premier’s management board accepted plans to take the fund firm off the Alternative Investment Market in a £51.9m buyout by the managers, backed up by private equity firm Electra Partners.

However, the MBO, which was made through bid vehicle Harvard Bidco, has had its fair share of opposition with the Water Hall group and Unicorn Asset Management’s Peter Webb, who owns 9.5 per cent through Eaglet Investment trust, both known opposers of the bid.

The group has now extended the offer period until August 24 and has urged shareholders to accept the agreed bid, while it is also likely that backers of the bid are likely to lower the share majority needed to pass the proposals.

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