Smart Metering shareholder PrimeStone, founders to reject KKR deal

(Sharecast News) - Smart Metering Systems fell on Thursday after shareholder PrimeStone and the company's founders, Alan Foy and Steve Timoney, said they plan to oppose its £1.3bn acquisition by US private equity firm KKR. PrimeStone and the founders - who collectively control around 17.8% of SMS's issued share capital - said they were "disappointed" with the 955p a share offer price and intend to vote against the offer.

SMS announced earlier this month that it had agreed to be bought by KKR, with the offer price representing 40.4% premium to the closing share price a day earlier.

At 0900 GMT, the shares were down 3.4% at 925p.