Abrdn to delay shareholder vote on takeover of Interactive Investor… because it has run out of paper due to the supply chain crunch
Fund manager Abrdn will delay a shareholder vote on its takeover of stock-trading platform Interactive Investor after running out of paper.
Under City rules, the FTSE 100 firm needs to send paper versions of relevant documents to shareholders before a planned vote on the £1.5billion merger.
However, with over 1m retail investors, Abrdn has run short due to a global supply chain crunch.
Old school: Under City rules, Abrdn needs to send paper versions of relevant documents to shareholders before a planned vote on the £1.5billion merger
The group had hoped to give shareholders a say on the deal ahead of its annual results early next month.
But now the vote will not happen until around two weeks after, Sky News reported yesterday.