Odey to oppose 'opportunistic' Plus500 bid

Natalie Kenway
clock

Odey Asset Management has blasted a bid for trading platform Plus500, the second largest holding on James Hanbury's CF Odey Absolute Return fund, calling the move "opportunistic".

Plus500 shares shed 50% of their value last month after UK regulators asked the firm to impose tighter anti-money laundering controls. Gambling software firm Playtech then made a 400p per share for the firm on Monday, a deal Plus500 management said is "fair and reasonable" Odey's flagship fund tumbles 18% in April The management team, who hold 36% of the company's stock, have recommended the acquisition to shareholders. But Odey - which holds 25% of the firm - has voiced its displeasure. In a statement released to the stock exchange, Odey, the largest individual shareholder in Pl...

To continue reading this article...

Join Investment Week for free

  • Unlimited access to real-time news, analysis and opinion from the investment industry, including the Sustainable Hub covering fund news from the ESG space
  • Get ahead of regulatory and technological changes affecting fund management
  • Important and breaking news stories selected by the editors delivered straight to your inbox each day
  • Weekly members-only newsletter with exclusive opinion pieces from leading industry experts
  • Be the first to hear about our extensive events schedule and awards programmes

Join now

 

Already an Investment Week
member?

Login

More on Wealth managers

St James's Place results lay bare cost and charging challenges against market tumult

St James's Place results lay bare cost and charging challenges against market tumult

'Structural opportunity' for advice industry

Hope Coumbe
clock 28 February 2024 • 3 min read
SJP CIO Onuekwusi: Retail investors lack appropriate structure to access private markets

SJP CIO Onuekwusi: Retail investors lack appropriate structure to access private markets

Open-ended structures 'have to work'

Valeria Martinez
clock 01 December 2023 • 2 min read
M&G launches full PruFund range on Wealth platform

M&G launches full PruFund range on Wealth platform

‘Greater flexibility and wider choice’

Valeria Martinez
clock 22 May 2023 • 1 min read
Trustpilot