FTSE 250 movers: Ultra on the up on acquisition hopes; William Hill falters

Ultra Electronics shares rose after the company was forced to respond to press speculation over the weekend, after Mergermarket reported it was in talks to acquire its underwater sensors joint venture partner in a bid to strengthen its contractual ties with the US Navy.

The FTSE 250 company said it could confirm it was in “advanced discussions” to acquire NYSE-listed Sparton Corporation, subject to regulator and shareholder approvals.

Should Ultra acquire Sparton, the board said it intended to sell Sparton's other business, the Manufacturing & Design Services (MDS) division.

Amec Foster Wheeler advanced after saying it has completed the sale of its circulating fluidised bed (CFB) boiler business to Sumitomo Heavy Industries for $170m, which will be used to reduce net debt.

William Hill led the fallers on the index after website LeapRate, citing company sources, reported the company would be shutting its operation in Israel.

More than 200 of the company’s approximately 250 Tel Aviv based employees will be laid off, and the company’s offices at the Azrieli Towers (pictured above) will be vacated, the report stated.

Thread and zip maker Coats fell after revealing that it had signed a binding settlement agreement over its Staveley Industries pension scheme in return for a halt to legal action from The Pensions Regulator (TPR).

The deal is the final part of an overall package that will see Coats make up fund deficits of £582m across its three legacy pension schemes.

The company on Monday said it had finalised a deal with the trustees of the Staveley scheme, which will see it make an upfront payment of £74m and annual contributions of £2.2m until 2028.

Under the terms of the overall deal, Coats will make £329.5m in upfront payments from group cash and annual deficit contributions totalling £17.5m, including estimated administration expenses and levies to be paid until 2028.

Market Movers

FTSE 100 (UKX) 7,472.62 0.65%
FTSE 250 (MCX) 19,733.04 0.24%

FTSE 250 - Risers

Vectura Group (VEC) 118.10p 3.14%
Evraz (EVR) 195.10p 2.85%
Domino's Pizza Group (DOM) 290.40p 2.76%
Cineworld Group (CINE) 700.00p 2.64%
Barr (A.G.) (BAG) 648.00p 2.61%
Capita (CPI) 709.50p 2.60%
Sports Direct International (SPD) 297.80p 2.51%
Serco Group (SRP) 121.80p 2.44%
Aberdeen Asset Management (ADN) 299.70p 2.22%
Ultra Electronics Holdings (ULE) 2,075.00p 2.17%

FTSE 250 - Fallers

William Hill (WMH) 262.40p -4.41%
Coats Group (COA) 74.80p -2.48%
Sirius Minerals (SXX) 32.41p -2.29%
TBC Bank Group (TBCG) 1,632.00p -2.16%
Centamin (DI) (CEY) 161.90p -1.88%
Sanne Group (SNN) 622.50p -1.81%
Playtech (PTEC) 999.00p -1.67%
Petra Diamonds Ltd.(DI) (PDL) 113.20p -1.57%
Melrose Industries (MRO) 254.80p -1.55%
Polymetal International (POLY) 908.00p -1.52%