Deals
Iconic Model Train Maker Faces Takeover After Failed Coup
- Hornby shareholder required to bid after raising stake to 55%
- Chairman Canham resigns after resisting efforts to oust him
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U.K. model railway maker Hornby Plc is being bought by a group of investors including its chairman, who this year fought off a shareholder rebellion.
Hornby’s biggest shareholder, Phoenix Asset Management, on Wednesday agreed to purchase a 20 percent stake from activist investor New Pistoia Income Ltd. for 5.7 million pounds ($7.2 million). That will give it 55 percent of Hornby’s stock, triggering a mandatory offer at the same price of 32.375 pence a share to all other shareholders.