Increase comes as Hornby board maintains the bid “significantly undervalued” the company.
Phoenix, which was already a major shareholder in Hornby, increased its stake above 50% last month, which under the UK Takeover Code meant it had to make an offer for the remaining shares it didn’t own.
The resulting offer of 32.375p per share – which offered only a slight premium on shares’ undisturbed price – was accepted by just over a third of Hornby’s remaining shareholders, increasing Phoenix’s stake to 71.5%.
Phoenix has previously said it intends to maintain Hornby’s stock market listing, but the results of the offer leave its remaining shareholders with little control over the company.
Hornby is working to turn itself around after years of profit warnings which twice forced it to raise new capital. Its shares have risen 13% so far this year, but are still below the levels enjoyed before its profit warning last February, which caused shares to fall 70% in a day.