Aviva investors have been urged not to fall into a ‘trap’ set by a US predator looking to buy shares on the cheap, as pressure mounts on regulators to act.
Campaign group ShareSoc is the latest to speak out after the Mail last month revealed that Litani had written to 100,000 of the insurer’s individual investors offering them £5.30 for each of their shares.
The value of the so-called ‘mini-tender offer’ is well below last night’s closing price of £7.07, meaning anyone who accepts Litani’s offer will lose out.
ShareSoc condemned the American investment firm’s tactics and called on the Financial Conduct Authority (FCA) to step in and protect Aviva shareholders.
Aviva has already written to its army of retail investors – including those who received shares through the demutualisation of Norwich Union – to urge them against accepting Litani’s offer.
