Robinson told to put up or shut up in battle for Rentokil.
Robinson told to 'put up or shut up' in battle for Rentokil UPDATE
AFX
(Re-casts, adds detail, background)
LONDON (AFX) - Rentokil Initial PLC, the beleaguered British support services group, today won a victory in its phoney war with Gerry Robinson when the Irish businessman's Raphoe Management Ltd company was issued with a 'put up or shut up' ultimatum.
The Takeover Panel, a body which scrutinises the conduct of UK mergers and acquisitions, said in a statement that following representations from Rentokil, Raphoe must either announce a firm intention to make an offer by Oct 17 or walk away.
Robinson last week outlined a plan to install himself as executive chairman of the rat-catching to tropical plants group, increase debt and return 35 pence a share to investors, worth 634 mln stg.
His management company would receive shares currently worth more than 75 mln stg.
Robinson has secured the backing of Rentokil's biggest investor, US group Franklin Resources Inc, which owns 14.7 pct of the shares, though other investors, including UK fund manager Legal & General, have been less than impressed.
The panel's statement came as Robinson remained locked in talks designed to woo a largely sceptical group of financial analysts, one of whom recently described his proposals as 'very opportunistic'.
I'm all for shut up, bloody sponger.