HICL–TRIG Merger Scrapped After Shareholder Revolt

Overview

• HICL said it could not proceed without a substantial majority of support from its own investors, leading both sides to abandon the deal.
• Public opposition from M&G, TrinityBridge, W1M and Capital Gearing, echoed by research notes, argued the structure shifted value to TRIG holders.
• Market reaction was immediate, with TRIG down about 6.2% in early trade and HICL up roughly 4.8%.
• The proposal had offered TRIG investors up to £250m in cash—about 11% of its share capital—and implied a 56%/44% ownership split in favor of HICL.
• Both boards reaffirmed the strategic rationale, while Jefferies said the outcome heightens pressure to address share-price discounts to NAV; the tie-up would have created a company with net assets above £5.3bn.