Laxey Partners drops Rugby ball

摘要

Laxey Partners has failed in its £24.4m bid to take over Rugby Estates Investment Trust.The activist investor, which owns 35.7% of Rugby's shares, said on Wednesday its bid had lapsed because not enough shareholders had accepted it by the first closing date for it to be declared unconditionalThe news was not unexpected, given that Rugby's share price has been trading above the 41p-a-share offer from Laxey since 12 October.