UK UTILITY INVITES NEW TRAFALGAR BID

UK UTILITY INVITES NEW TRAFALGAR BID

British electric utility Northern Electric PLC said it would allow conglomerate Trafalgar House PLC to make a fresh bid for it after Trafalgar withdrew an initial bid earlier this year.

Northern Friday also launched a takeover defense plan that would include the payment of two special dividends worth a total 150 pence ($2.39) a share and a bonus issue of one preference share for every ordinary share, which can be sold for at least 100 pence ($1.59) a share.