Ashurst acts on UK water utility tender offer

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Ashurst is advising Rothschild, the financial adviser to Severn Trent plc which is competing to buy UK water utility Dee Valley Group plc.
Currently, Severn Trent is engaged in a bidding war against investment fund Ancala which had agreed to buy Dee Valley in October for £71.3 million (about $120.2 million).
Through Severn Trent Water Limited, a wholly-owned subsidiary, Severn Trent had successfully offered £78.5 million (about $132.34 million), or £17.05 per share, to buy Dee Valley.
Ancala countered with an offer for a penny more per share, leading Severn Trent to up its offer to £84 million (about $141.61 million).
Dee Valley Water is the licensed water undertaker for Wrexham, Chester and the surrounding areas and has been supplying water to its community for more than 150 years. It supplies drinking water to approximately 125,000 domestic and business customers in northeast Wales and in northwest Cheshire.
The Ashurst team is being led by corporate partner Tom Mercer and finance partner Mark Vickers, assisted by associate Harriet Levett. 

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