The company became the target of a hostile bid last month with management rejecting initial offers for the business on the basis that the valuations were too low. However in a note issued this morning, the latest bid of 200p per share was seen as being acceptable and should a firm offer be made, management would be inclined to recommend the bid. An extension to the put-up-or-shut-up deadline has been agreed, running until 8th November. The latest bid reflects an increase of more than 50% for the TI Fluid Systems share price since the deal was made public. Shares are around 20% higher in early trade.
Sticking with the FTSE-250 and Ashmore Group, the emerging markets asset manager, published a Q1 trading statement this morning. AUM increased by $2.5bn or around 5% over the July-September period, whilst the note added that the company’s active investment process continued to outperform both equity and fixed income strategies over the quarter.
Gambling company Entain had a poor start to the week in response to media reports that the government was eyeing the sector for tax increases in the forthcoming budget. The company is due to update the market with numbers later this week, but this news appears to have spooked investors across the wider sector. Entain’s share price is down 13% in early trade, whilst peers Rank and Flutter are both trading around 7% lower, too.
Headlines we expect on Tuesday
Bellway Final Results
This time last year Completions 10,945, Revenue £3.4bn, Operating margin 16%
Victoria Plumbing Full Year Trading Update
This time last year Revenue up 6%, Order volumes up 6%
