BUSINESS LIVE: Mission Group suitor quits talks; Pennon replaces chair

Pennon has named David Sproul as its chair designate succeeding Gill Rider, who retires from the embattled water group’s board following the annual general meeting on 24 July.

The change in the role comes at a time when Britain’s water industry, privatised in 1989, has been criticised and penalised for releasing dirty water into rivers and raising customers’ bills amid a cost-of-living crisis.

Sproul was the global deputy CEO of Deloitte for two years until 2021 and is also the chairman of British digital lender Starling Bank.

He also serves as a non-executive director at asset manager Safanad and is a senior adviser to private investment firm Bridgepoint Europe.

Mission Group suitor Brave Bison does not intend to make another approach for the digital marketing firm after its board rejected a second all-stock takeover bid worth around £32.3million.

Brave Bison told shareholders it was ‘disappointed by the lack of engagement from the Mission Board’, which ‘rejected’ attempts for ‘constructive dialogue and chose not to provide access to due diligence information or key management personnel’.

The group’s takeover offer included the intention to pay down a portion of Mission’s £26.8million of net debt ‘to create a sustainable capital structure for the enlarged company’.

Brave Bison said does not believe that the Mission board’s strategy to deleverage the business ‘will deliver value for Mission shareholders in excess of the Revised Proposal’.

It added: ‘Brave Bison is a disciplined acquirer and is not willing to advance the Possible Offer without due diligence or access to key management.

‘As such, Brave Bison confirms that it does not intend to make an offer for Mission.’

FTSE 100 equipment hire giant Ashtead is reportedly considering a move to the New York stock exchange in a potential fresh blow to the City.

The £24billion group is in the early stages of exploring a switch of its listing from London to Wall Street, according to The Sunday Telegraph. It comes despite boss Brendan Horgan, an American, last year telling a newspaper ‘we remain happy where we are’.