British Vita repels bidders

By David Reed, UT EditorLondon-British Vita plc has firmly repulsed a second, increased bid from Texas Pacific Group, a US-based private equity group. Shares soared nearly 20 percent when news of the original bid was announced, reaching a high of 334p per share, slightly above the US firm's 325 pence a share bid, and valuing the company at about £630 million. Vita said the second offer it had received-at 335 pence per share-"continues to substantially undervalue the company and its prospects."The polyurethane foam, fibre and polymeric product maker, which has operations across Europe and in North America, employs over 8500 people."