Suitors Scrap $8.2B Severn Trent Bid As Deadline Passes

Law360, New York (June 11, 2013, 1:56 PM EDT) -- The investor group behind a sweetened £5.3 billion ($8.2 billion) buyout bid for Severn Trent PLC took back its bid on Tuesday, saying it would not pursue the purchase after the U.K. water utility spurned three earlier offers.

LongRiver Partners' move came as the clock ran down to a deadline imposed by U.K. takeover regulators for the consortium to either pump up its proposal or walk away.

The investors, including the infrastructure arm of the Ontario Municipal Employees Retirement System, the Kuwait Investment Authority and Britain's...
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