Richard Li to bid for

The Hong Kong billionaire is due to meet Scoot shareholders to make an offer for the company.

Richard Li, the Hong Kong billionaire and head of Pacific Century Cyberworks is set to bid for online directory company, the Daily Telegraph reports.

Scoot shares have fallen from above 370p in March last year to 59p last month. Today the shares stand at 76.5p.

Li has set up a consortium, Meridian, to target undervalued British companies. The newspaper reports that Meridian representatives will meet shareholders and will make an offer of 125p which would value the business at over £85m. Scoot's shareholders include French group Vivendi.