Pru gives Esmee a windfall
Howard Lake | 12 March 1999 | News
The Prudential, the largest life insurer in the UK, has agreed to buy M&G, the country’s largest unit trust group.
The Prudential, the largest life insurer in the UK, has agreed to buy M&G, the country’s largest unit trust group. One of the beneficiaries of the £1.9b deal will be the Esmee Fairbairn Charitable Trust, which, with 33.3%, is M&G’s largest shareholder. Provided the sale is approved, the Trust will sell its entire holdings. Given that the Prudential is making a cash offer of £25 per share, which was 40% higher than the closing share price the day before the deal was announced, it looks likely that the Trust will enjoy a considerable windfall.
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About Howard Lake
Howard Lake is consultant editor of UK Fundraising. He founded the site in 1994 and successfully sold it in 2022. As director of Giving X Ltd he is exploring growing giving on a massive scale.
He is the founder of Fundraising Camp and co-founder of GoodJobs.