"No impending bid" on New Star: board director

By Sudip Kar-Gupta

PARIS (Reuters) - New Star Asset Management (NSAM.L) -- seen by many as a possible takeover target -- is not facing an impending bid, board director Richard Pease told Reuters on Thursday.

"There is no impending bid situation," he said, speaking to Reuters as New Star held a series of presentations in Paris.

"I just don't think there are any obvious candidates at this moment. The fund management industry as a whole has been hit hard by what's been happening (in the wider financial markets)."

New Star shares were unchanged at 23.75 pence in mid-afternoon trade, giving the company a market capitalization of around 64 million pounds ($94.95 million).

Like many asset management and financial services companies, New Star has been impacted by the global stock market slump and credit crisis.

Earlier this month, it said it had accepted tougher terms on its bank debt amid accelerating outflows at the company.

Pease said New Star could remain independent.

"We'd like to think we can pull this thing through. We are challenged big time but we are fighting hard."  Continued...