A takeover offer can often be a lifeline for shareholders wanting to get out of an underperforming business. However, in Hornby’s (HRN) case the matter is a little more complicated. Majority shareholder Phoenix UK Fund has been forced to make an offer for the remaining shares in the toy manufacturer, after purchasing the 20 per cent stake of activist investor New Pistoia Income Fund. Phoenix UK now owns a 55 per cent holding in Hornby.
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