Investors owning around 10 percent of John Laing Infrastructure Fund (JLIF.L) think a possible cash buyout offer valuing the company at 1.41 billion pounds ($1.85 billion) is too low, according to a source familiar with the matter.
JLIF, one of Britain’s biggest listed investors in public infrastructure projects, said earlier this month it was in talks with a consortium of funds, including Dalmore Capital and Equitix Investment Management, about the potential offer at 142.5 pence per share.
The offer includes a payment of a dividend of up to 3.57 pence per share to JLIF shareholders.
The concerned investors include the fund’s second largest shareholder, Baillie Gifford, the source added.
Baillie Gifford has a 6.4 percent stake in JLIF, according to Thomson Reuters Eikon.
Under British takeover rules, the consortium has until Aug. 13 to either announce a firm intention to make an offer or walk away.
JLIF’s shares closed at 140.4 pence on Monday.
Sky News reported the news earlier on Monday.