Takeover bid resisted

SHAREHOLDERS have been urged to resist a £1.1bn battle to take over investment firm SVG.

Directors said the bid from US private equity giant Harbour Vest was too low.

They said ‘detailed discussions’ had begun with rival suitors and pledged to unveil the details on Monday.

A bitter tussle is expected, with major investors on opposing sides of the deal.

Harbour Vest itself has an 8.5pc stake in its target.

The buyer’s offer is final, meaning it cannot up its bid.

Harbour Vest has support from more than half of shareholders – including the largest, Coller Capital – but needs to hit 75pc to take the firm private.