The pharmaceuticals giant announced last night that it had reached a settlement with lawyers in the US regarding its Zantac medication. Whilst not admitting any liability, the deal puts to bed a threat that had been looming over the drugmaker for the last five years and investors appear to be welcoming the certainty here. Shortly after the open, the GSK share price was trading around 6% higher.
Down into the small caps here but Gulf Marine announced that it had been awarded a new long term contract this morning, along with the extension of two further contracts. This takes the company’s order backlog to $505m, an 18% increase on the level reported following the end of H1. The strong cashflow is enabling the company to deleverage faster than it had planned with the Gulf Marine Services share price having traded almost 10% higher shortly after the bell, before giving back some of those gains.
An updated all cash offer has been received for Tritax Eurobox at 69p per share from private equity play Brookfield. The investment house has swooped in the wake of a competing offer from SEGRO, noting that it is willing to pay a 6% premium compared to the implied value of the previous bid. Brookfield originally made an approach at the end of May and it’s worth noting that the SEGRO offer was equity rather than cash based. The Tritax Eurobox share price is up 3% in early trade, sitting above the revised offer price – is another bid coming?
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Tritax Eurobox Recommended cash offer
