Newspaper article The Evening Standard (London, England)

3i Builds Up Its Defence against Corporate Raider

Newspaper article The Evening Standard (London, England)

3i Builds Up Its Defence against Corporate Raider

Article excerpt

Byline: Jamie Dunkley

BRITAIN'S oldest private-equity firm 3i today showed how it might fend off corporate raider Ed Bramson if he decides to take a punt at the company, as is widely expected.

Simon Borrows, the group's chief executive, said in a third-quarter update that "strong and measurable progress" had been made restructuring the business since he took over last year.

The company, which owns lingerie chain Agent Provocateur and restaurants chain Giraffe, said it expected to beat costcutting targets this year and would focus on asset disposals over the coming months. Net asset value rose 4.8% to 286p a share.

Earlier this week, 3i revealed that Bramson's Guernsey-based Sherborne Investors had built up a sizeable stake in the 67-year-old firm.

Bramson is best known for his boardroom coup of F&C Asset Management, managing to take control without a full-scale takeover bid. He ousted the chairman and eventually the chief executive. …

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