Fidelity set to oppose Redrow bid

Redrow’s third largest shareholder is set to oppose the proposed bid by Steve Morgan, the housebuilder’s founder and executive chairman to take the company private for about £660m. Fidelity Worldwide Investments, which together with its US counterpart, owns 10.5 per cent of Redrow, said Morgan’s offer was “opportunistic” and plans to oppose the plans, according to the Financial Times. Morgan, who owns a 40 per cent stake in Redrow, last month tabled a provisional offer of 152p per share to buy the remaining stake in the company, valuing the company at around £660m. He has until 28 September to make a firm bid or walk away, according to takeover rules.