(Reuters) – British consulting firm Ricardo Plc on Friday rejected shareholder Science Group’s demand to replace its chair and two other directors, saying the call was not in the interests of Ricardo’s other shareholders.
UK’s science and technology consultancy firm Science Group, which holds an over 15% stake in Ricardo, had urged the firm to make the changes, failing which it would call for a general meeting.
“The board considers Science Group’s demands… to be entirely self-serving and a backdoor attempt to gain control of the company without paying a takeover premium,” Ricardo’s Chair Mark Clare said.
Shares in Ricardo rose 6.6% to 241p as of 1604 GMT.
Science Group bought all of its stake in Ricardo in under a month and urged its rival’s board to replace three directors with two of its own nominated candidates.
Science group did not immediately to respond to a Reuters request for comment.
(Reporting by Prerna Bedi in Bengaluru; Editing by Shailesh Kuber)
