FTSE 250 movers: Deal news boosts St Modwen; John Laing drops
London’s FTSE 250 was up 1.2% at 22,755.37 in afternoon trade on Friday.
St Modwen was the top gainer after it said US private equity group Blackstone had made a possible cash offer at 542p a share for the group. The offer represents a premium of 21.1% to Modwen’s closing share price on Thursday.
Meggitt was also sharply higher following a report that US-based Woodward could be looking to buy the aerospace engineer. According to Dealreporter, Woodward is working with an investment bank as it considers potential deals and Meggitt is in the frame.
Hill & Smith gained after Jefferies initiated coverage of the shares with a ‘buy’ recommendation and 1,750p price target, saying the company has "all the ingredients to re-rate".
"Hill & Smith has an attractive spread of end markets spanning the general theme of 'infrastructure investment'," Jefferies said.
Infrastructure investor John Laing was on the back foot following strong gains a day earlier after it confirmed takeover talks with KKR. Liberum downgraded its recommendation to ‘hold’ from ‘buy’ following the news.
The broker, which lifted its price target on the stock to 380p - the price at which it expects a bid - from 350p, and said it was not surprised that KKR sees value in the company.
FTSE 250 - Risers
St. Modwen Properties (SMP) 534.00p 19.33%
Meggitt (MGGT) 495.00p 7.61%
Frasers Group (FRAS) 579.00p 6.63%
Hill & Smith Holdings (HILS) 1,544.00p 5.90%
Pagegroup (PAGE) 592.50p 4.77%
Coats Group (COA) 60.90p 4.46%
Network International Holdings (NETW) 406.00p 4.40%
easyJet (EZJ) 1,081.00p 4.29%
SSP Group (SSPG) 331.60p 4.18%
Trainline (TRN) 436.20p 4.01%
FTSE 250 - Fallers
Syncona Limited NPV (SYNC) 222.00p -6.33%
John Laing Group (JLG) 363.20p -4.37%
Morgan Advanced Materials (MGAM) 332.00p -4.05%
Restaurant Group (RTN) 123.60p -2.52%
Rank Group (RNK) 187.80p -1.88%
Aston Martin Lagonda Global Holdings (AML) 1,857.00p -1.80%
Oxford Biomedica (OXB) 1,024.00p -1.73%
Victrex plc (VCT) 2,352.00p -1.34%
Crest Nicholson Holdings (CRST) 418.20p -1.04%
Tullow Oil (TLW) 55.70p -1.03%