Paper shortage delays Abrdn’s takeover vote
Asset manager Abrdn has been forced to delay a shareholder vote on its £1.5bn takeover of online investment platform Interactive Investor, because of an international paper shortage.
Edinburgh-headquartered Abrdn is writing to shareholders requesting a delay its ballot until mid-March, because it has been unable to get enough paper to send out the documents.
Under UK takeover rules, companies must send out paper versions of documents to shareholders. Abrdn has ore than one million retail investors.
Abrdn had wanted to hold the vote ahead of its results but this has not been possible.
Labour shortages and global supply chain issues have caused major problems in the paper industry, with some buyers being forced to wait for up to 12 weeks for paper deliveries.