FTSE 250 movers: Meggitt surges on takeover approach; Quilter slumps
London’s FTSE 250 was 0.7% firmer at 23,725.30 in afternoon trade on Wednesday.
Meggitt surged to the top of the index after the defence and aerospace engineer said he it had received an unsolicited takeover approach from US aerospace manufacturer TransDigm at 900p a share in cash.
This comes after the company announced last week that it had agreed to be bought by US rival Parker-Hannifin for £6.3bn, or 800p a share.
CMC Markets analyst Michael Hewson said: "Meggitt is a key defence contractor for the UK military, and supplies a range of systems including thermal and weapon scoring systems, as well fire protection and control systems and avionics, and while the new proposed bid is being considered by the board, management don’t appear to be resiling from recommending the original Parker Hannifin bid."
4Imprint was in the black as it reinstated its dividend and highlighted a "robust" recovery in demand in the first half.
Transport infrastructure group Hill & Smith gained after it said first-half profit and revenue rose amid a good recovery in trading across all of its divisions, and upgraded its outlook for the year.
Quilter slumped despite hailing "robust" interim results, as it set aside more money to cover compensation relating to the Lighthouse DB transfer review.
FTSE 250 - Risers
Meggitt (MGGT) 834.00p 16.64%
4Imprint Group (FOUR) 3,095.00p 8.22%
Hill & Smith Holdings (HILS) 1,778.00p 6.98%
Cairn Energy (CNE) 177.60p 4.53%
Morgan Sindall Group (MGNS) 2,400.00p 4.35%
Capita (CPI) 47.86p 4.27%
SSP Group (SSPG) 260.90p 3.94%
Apax Global Alpha Limited (APAX) 217.50p 3.57%
Spire Healthcare Group (SPI) 232.50p 3.10%
IP Group (IPO) 130.40p 3.00%
FTSE 250 - Fallers
Quilter (QLT) 156.80p -7.16%
IWG (IWG) 314.70p -4.05%
Moonpig Group (MOON) 361.80p -3.52%
Just Eat Takeaway.Com N.V. (CDI) (JET) 6,316.00p -3.32%
Cineworld Group (CINE) 61.28p -3.19%
Watches of Switzerland Group (WOSG) 1,026.00p -3.02%
Convatec Group (CTEC) 223.70p -2.74%
Ferrexpo (FXPO) 439.20p -2.62%
Edinburgh Worldwide Inv Trust (EWI) 322.00p -1.98%
Chrysalis Investments Limited NPV (CHRY) 264.00p -1.86%