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July 19, 1987

ITT SAYS ITS STC STAKE WILL BE SOLD, BUT PRICE IS STILL TOO LOW

By CBR Staff Writer

Turns out that speculation about the imminent sale by ITT Corp of its 24% shareholding in STC Plc (CI No 726) was premature. ITT says that while it does indeed intend to sell the shares, it believes that the current market price – 329 pence – is still too low, and it expects the shares to rise higher, and accordingly will wait until it does. STC remains confident that ITT will not sell to a predator that would be unwelcome to the board of the UK firm. ITT is thought likely to go for a bought deal, where the entire holding would go to an investment bank that would seek to sell it on to its clients.

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