Saga Plc recently revealed having rejected what it described as an unsolicited and highly conditional 33 pence indicative approach for the over-50s travel and insurance group. Now a major industry name has been linked to the dumped suitor.
In a September 01 release, which detailed the company’s prospective £150 million equity raise, Saga disclosed that the offer it declined followed several earlier indicative approaches from a consortium of two US financial investors.
Read more: Aviva CEO Mark Wilson in shock departure
Today (September 04), The Times reported that former Aviva chief executive Mark Wilson was ‘behind’ the unsuccessful takeover plan. According to the publication, the insurance stalwart was working with the unnamed would-be buyers, who Saga has said are no longer considering a further offer after being turned down.
The British newspaper, which noted that Wilson’s camp refused to comment, went on to report that the ex-Aviva boss is understood to have been eyeing Saga for over a year. The latter, meanwhile, has not issued an update as of this writing.