Shareholder backlash pushes up low-ball London takeover bidsShareholders are pushing back on low-ball offersTop shareholders of London-listed firms are pushing back on takeover bids this year amid concerns buyers are capitalising on low valuations to pick up companies on the cheap. But the rise in bids has left some shareholders concerned that firms are exploiting the gap and submitting low-ball offers. FTSE 100 investor Segro rejected three takeover bids from US rival Prologis this year, arguing they were “opportunistic” before accepting a £14bn offer. Testing company Intertek also declined three takeover bids from Swedish private equity firm EQT, arguing they undervalued the group before accepting a £10.6bn offer. Persson said there was growing “public discourse” surrounding takeover bids and the market had grown more comfortable with shareholders taking their concerns public.