Severn Trent rejection of the LongRiver consortium bid causes ripples in the mergers and acquisitions market as well as losses for hedge fund firms anticipating the buyout sale.
The British water company refused negotiations before deadline of bid.
LongRiver Consortium will walk away from the proposed US$8.2 million bid unless Severn Trent engages in discussion with the company.
Severn Trent rejected the raised bid from LongRiver consortium.
Severn Trent rejects the new offer made by LongRiver consortium as it says it does not recognize the long term value and potential of the British water utilities firm.