Accel-KKR: part of the Eleco takeover vote support has dropped
Update on letters of intent in the Eleco plc takeover: holder sales reduced support, while the total committed stake remains about 45.2 percent.
- published on Newsmetry
- original source published
the public page opens no earlier than 15 minutes after we detect the story. approved stories may reach the api sooner. connect the api →
what happened
According to a filing distributed via RNS and carried by Reuters, Avocet Bidco, owned by funds managed or advised by Accel-KKR, is proposing a recommended all-cash acquisition of Eleco plc under a scheme of arrangement in Part 26 of the Companies Act 2006.
Charles Stanley sold 374,050 Eleco shares on October 20, cutting the stake covered by its letter of intent to 4,023,806, or about 4.8% of capital. J O Hambro also sold 350,000 shares that day, leaving 1,050,000 under its letter, or about 1.2%.
The total number of shares bound by irrevocable undertakings or letters of intent to vote for the deal stands at 38,147,919, roughly 45.2% of Eleco's issued capital.
why it matters
Letters of intent, unlike irrevocable undertakings, do not lock in a holder's vote, so sales by these holders reduce support for the deal. The remaining stake of about 45% still matters for the vote, though the update itself is routine.
tags
instruments
sources
- REG - Accel - KKR Co LLC Eleco PLC - Eleco plc Update on Letter of Intent — Reuters, 22 October 2026 at 14:09 UTC
- REG - Accel - KKR Co LLC Eleco PLC - Eleco plc Update on Letter of Intent — Reuters, 22 October 2026 at 14:13 UTC
prepared by the newsmetry newsroom with ai assistance from the sources listed below. not investment advice.
the public page opens no earlier than 15 minutes after we detect the story. approved stories may reach the api sooner.
get stories in real time ↗