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Boardroom Split Widens as Rival Bidder Emerges at Chesterton

LONDON-The split between newcomers Neil List and Mike Backs and the existing board members at listed property consultancy Chesterton widened as the two prepared to approach shareholders directly to head off a bid from Mohammed Jafari-Fini.

By Graham Parker | Updated on May 01, 2003

LONDON-The boardroom split at Chesterton International has become more apparent as Chief Executive Officer Neil List and Chief Operating Officer Mike Backs went over the board’s head to approach shareholders directly in a move to head off Mohammed Jafari-Fini’s bid for the company. And they disclosed a second bidder was stalking the company.

In a Stock Exchange statement they confirmed that they will be writing to shareholders shortly to explain more fully their dissenting views on the Jafari-Fini offer, which they believe does not represent full value for the company’s shares. They went on to say ” shareholders should be aware that the Board of the Company has received an approach from a third party” and that due diligence had begun on that potential offer.

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