P.M. BRIEFING : N.Y. Firm Seeks 15% of Britain’s BTR
Britain’s BTR PLC, whose products range from electronics to Slazenger tennis rackets, said today that New York buyout specialists Kohlberg Kravis Roberts & Co. are poised to purchase up to 15% of its stock.
But BTR Chairman Sir Owen Green reacted coolly to any suggestion that his multibillion-dollar company might become the target of a full takeover bid.
BTR said it had been notified by U.S. authorities that KKR had filed with the Federal Trade Commission for permission to to buy up to 15% in the company.
KKR has given no indication whether it is planning a full takeover bid or will use the holding as a way of expanding its European interests.
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