The business focused on the over-50s is embarking on an equity-raising instead of pursuing a 33p-a-share joint takeover approach from two unidentified American private equity firmsInvestors jumped on board yesterday after Saga revealed that its former owner was backing a £150 million fundraising. Shares in the insurance-to-cruises group rose by 32 per cent, or 4¼p, to 18p after it was confirmed over the weekend that Sir Roger De Haan would invest as much as £100 million as part of a cash-call that will be open to all its shareholders. The business focused on the over-50s is embarking on the equity-raising instead of pursuing a 33p-a-share joint takeover approach from two unidentified American private equity firms. Saga said that the pair had walked away after it rejected their proposal, which had valued it at about £370 million. “You’re better with the bird in the hand,” a City fund manager who owns

Source: The Times September 01, 2020 16:05 UTC