The company was prevented from issuing new shares at their recent annual general meeting when shareholders representing 55% of the vote turned down the plan. Seen as a vote of no-confidence in William Baird’s directors, the company is now under renewed pressure to accept a new bid from Alchemy Partners reports the Independent on Sunday.
William Baird, who lost a major contract with Marks & Spencer two years ago, also recently failed in its attempt to sue the retailer. They have now asked the House of Lords for leave to appeal this decision.
The original £88m management buy-out offer was backed by Alchemy Partners and led by Baird’s chief executive, David Suddens. The bid was eventually rejected by the company although Alchemy were left with a 29% holding in the company.
It is likely that any renewed bid would also be led by David Suddens as he appears to have the support of the shareholders. An attempt to oust him by one rebel shareholder and former non-executive director, John Jackson, was rejected at the AGM.