PRINT THIS PAGE Permira considers withdrawing UK WH Smith bid amidst pension row14/06/2004. Source: AltAssets. 
 The trustees of WH Smith's pension fund are engaged in heated negotiations with Permira over a £215m pension shortfall that could result in the private equity firm withdrawing its £940m takeover bid.
Martin Taylor, who heads up the company's pension fund, has told Permira that it would have to plug at least 80 to 90 per cent of the fund's deficit upfront if it wants to have its offer accepted.
WH Smith has an agreement with the trustees that the deficit be cleared over ten years if it remains independent and not highly-leveraged. Permira, which would be a highly leveraged owner, wants the same deal, according to a report by The Sunday Times.
Copyright © 2004 AltAssets
|
