Smart Metering shareholder PrimeStone, founders to reject KKR deal
Smart Metering Systems fell on Thursday after shareholder PrimeStone and the company’s founders, Alan Foy and Steve Timoney, said they plan to oppose its £1.3bn acquisition by US private equity firm KKR.
PrimeStone and the founders - who collectively control around 17.8% of SMS’s issued share capital - said they were "disappointed" with the 955p a share offer price and intend to vote against the offer.
SMS announced earlier this month that it had agreed to be bought by KKR, with the offer price representing 40.4% premium to the closing share price a day earlier.
At 0900 GMT, the shares were down 3.4% at 925p.