SD-Scicon Plc has won a big fillip in its battle to screw more money out of any potential acquiror if not to remain independent: the company says it has been informed that institutional investors that speak for 38.9% of the shares will advise their clients that they believe Electronic Data Systems Corp’s 45 pence a share cash offer for the company is far too low and recommend rejection; insiders and their families speaking for another 9.2% say they will also reject the offer, which means that while Electronic Data might just squeeze control at the value of the present offer, Scicon would retain its share quotation and would have to be operated as a partially-owned affiliate; the US company would likely prefer to walk away than put up with that kind of situation – but a higher offer looks possible.
