Standard Life Investments has sold 4m shares in Chelsfield plc, cutting its stake in the property company to just 1.9%.
Standard Life is one of the most vocal opponents of Elliott Bernerd’s £895.5m management buyout of Chelsfield. Bernerd is offering 320p per share, or 280p cash plus a 40p unit in Duelguide, his unlisted bidding vehicle.
However, Standard Life’s Helen Driver said in October that “any offer significantly below 400p a share undervalues the company”, because the real value of Chelsfield lies in its future.
Standard life sold the shares at 314p-316p. The news comes just a fortnight after the company sold its 20% stake in Hammerson.
Source: Freeman News