Last FTSE 350 firm with no female board members to go private for £1.3bn

The company has been criticised for not having any women on its board, flying in the face of government guidelines

The only FTSE 350 firm with no female board members is to be taken private by its founding family in a £1.3bn deal.

Daejan Holding investors are being offered £80.50 a share by the Freshwater family, 58pc more than the company's average value over the past six months.

The business has been repeatedly criticised for its lack of female representation at the top amid a campaign to end City sexism.

Bosses have said the Freshwaters' strict Orthodox Jewish beliefs mean it would be problematic to appoint women.

Benzion Freshwater, son of the founder Osias Freshwater and chairman of Daejan, said: "There is no possibility of a successful third party offer for Daejan emerging.

"Accordingly, it seems to me that it is in the best interests of external shareholders to have the opportunity of realising their investment at this time."

Set up after the Second World War in London, Daejan grew rapidly to buy residential properties and owns buildings worth about £2.4bn. In 2012, it bought 139-143 Oxford Street, and it also owns property in the US. 

The founders' Freshwater Group already owns 79pc of the company and Mr Freshwater said it wants to buy the rest because it has no plans to sell any shares.

The firm was left as the last in the FTSE 350 with no women on its board after software company Kainos Group hired former civil servant Katie Davies as a non-executive director in November.

Last year, Daejan company secretary Mark Jenner told the Jewish Chronicle: “They’ve never used a religious argument at all. They prefer to keep that as their private business. But because I was directly asked, I have to say it is probably a factor.

“Mr Freshwater won’t be pushed around by anybody on any subject. Once you start doing that it’s open season. He feels strongly about the matter. Not just from a religious background, but it must be a factor.”

Shares leapt 54pc to £80 per share. Shareholders are expected to vote on the deal in April.

License this content