Private equity bidder under pressure to raise Clinigen offer

Bid for pharmaceutical company Clinigen

Pressure has mounted on private equity firm Triton Investment Management to raise its offer on its £1.2bn bid for pharmaceutical company Clinigen.

Triton's 833p-per-share offer was made last month after recommendation from Clinigen's board, giving a 41% premium on Clinigen's ex-dividend share price before the offer period began. However, investors in the company, such as hedge fund Elliott Management, are arguing that the company's current share price of 916p shows that the company has been undervalued. Other investors which are thought to be arguing that the company is undervalued includes Sparta Capital, another activist fund, and Carlson Capital, which holds a position in Clinigen through derivatives. Amundi reframes busin...