Butler Cox Plc is likely to be regarded – and valued – as a takeover play almost as soon as its shares start trading on the Full List of the London International Stock Exchange on Friday (CI No 1,184): word is that the company received no fewer than 12 takeovertures, all serious, in the past 18 months – but its destiny is very much in its own hands, because the placing was primarily to enable institutional shareholders to realise their investments, and outside shareholders now hold just 35%, a lower proportion than before the flotation.
