Hedge fund ends Implenia bid
The British hedge fund Laxey Partners will not be proceeding with its public offer to buy Switzerland's largest construction firm, Implenia.
The hedge fund said Friday that it decided to end the offer because Implenia's board had refused to fully register shares held by funds under Laxey's management with the correct voting rights.
Implenia's board of directors on Tuesday described the takeover bid as a "sham" from the outset, with Laxey missing its target by a wide margin.
The bid has been the subject of legal dispute and investigations by the Federal Banking Commission, Switzerland's financial watchdog.
Laxey made a hostile bid for Implenia in November 2007 that was rejected.
Implenia was formed from the merger of Geneva-based Zschokke and the Batigroup of Basel in 2006 and has a workforce of 6,300.
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