Fire engine firm AssetCo damps down takeover bid

AssetCo, the troubled firm that owns London's fire engines, has rejected a takeover approach from an Islamic investment fund.
Shares in the emergency services company jumped by a fifth yesterday as it revealed that the board had rebuffed an 'opportunistic' cash offer from Bahrain-based private equity firm Arcapita.
Arcapita said the approach had been supported by AssetCo chief executive and largest shareholder John Shannon and it was 'still considering its options'.