Inveresk is once again the topic of discussion with Klippan Paper.
Klippan chairman Jan Bernander is now seeking the support of fund manager Phillips & Drew, which controls about 11.4% of the votes in the Scottish paper company (PrintWeek, 6 February).
"It seems strange that these two would become bedfellows as Phillips & Drew are only after getting the best value out of Inveresk," said Inveresk group finance director Gerard Cassels.
Cassels added that Bernanders and Klippans aim was for the lowest value prospect for Inveresk.
If the two companies agree to come together, they would create a voting capacity of 42%, which Cassels said would make them "very hard to ignore".
Bernander could use the votes to try and put forward his own people for representation on the board, which has been his stated intention for some time.
Bernander has steadily amassed a large percentage of shares in Inveresk in his capacity at Klippan and as an individual, with the intention of merging the two companies.
No one from Phillips & Drew was available for comment as PrintWeek went to press. Phillips & Drew is a subsidiary of the Union Bank of Switzerland.
Story by Andy Scott
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