Takeover failures

BOSSES at a property trust are earning ‘compensation for failure’ and investors should rebel against them, a City dealmaker has said.

Glenn Cooper, who led the stock market float of Manchester United, has been spearheading an effort to buy Industrial Multi Property Trust for £82.1m. But IMPT bosses rejected an offer from his firm James Stocks & Co in April.

James Stocks has written to IMPT shareholders claiming bosses have ‘consistently failed’ to boost value despite a booming British property market.

IMPT hit back saying it had a clear plan to improve performance.