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FTSE 100 movers: Entain hit by Eminence Capital news; Whitbread rallies
(Sharecast News) - London's FTSE 100 was down 0.2% at 10,354.34 in afternoon trade on Monday. Entain was under the cosh on news that major shareholder Eminence Capital is being shuttered.
According to a letter to advisors seen by Bloomberg, hedge fund veteran Ricky Sandler is shuttering Eminence and returning investor cash after a 27-year run.
Sandler was understood to have told clients that the hedge fund hasn't performed well enough in recent years to keep operating.
Sainsbury's was also weaker after Goldman Sachs double downgraded the stock to 'sell' from 'buy' and cut the price target to 335p from 390p.
Intertek fell after rejecting a revised takeover proposal from Swedish private equity firm EQT at 5,400p per share, up from 5,150p.
The inspection, product testing and certification group said after the close on Friday: "The board of Intertek has carefully reviewed the revised proposal with its advisers and unanimously concluded that it fundamentally undervalues Intertek and its future prospects."
Going the other way, Premier Inn owner Whitbread was the standout gainer following a report it's planning to sell a swathe of hotels to unlock £1.5bn for shareholders.
According to The Times, the company is expected to announce plans later this week for the sale and leaseback of one in five of the freehold hotel properties it currently owns outright, following a strategic review of its business model.
About 50% of Premier Inn hotel freeholds are owned by Whitbread. It was understood that this will be reduced to 40% under changes to the company's five-year plan, due to be unveiled alongside its annual results on Thursday.
FTSE 100 - Risers
Whitbread (WTB) 2,493.00p 1.50% Burberry Group (BRBY) 1,163.20p 1.34% Flutter Entertainment (DI) (FLTR) 8,220.00p 1.23% Metlen Energy & Metals (MTLN) 34.78p 1.16% Rolls-Royce Holdings (RR.) 1,140.20p 1.15% Games Workshop Group (GAW) 19,670.00p 1.13% Halma (HLMA) 4,467.00p 0.97% Smiths Group (SMIN) 2,549.00p 0.95% DCC (CDI) (DCC) 5,235.00p 0.86% M&G (MNG) 296.90p 0.78%
FTSE 100 - Fallers
Entain (ENT) 556.60p -7.14% Marks & Spencer Group (MKS) 329.25p -4.90% Sainsbury (J) (SBRY) 332.60p -3.34% Weir Group (WEIR) 2,920.00p -2.47% BT Group (BT.A) 217.50p -2.33% Mondi (MNDI) 728.60p -2.25% JD Sports Fashion (JD.) 68.62p -1.80% Tesco (TSCO) 482.10p -1.71% Intertek Group (ITRK) 4,724.00p -1.70% Autotrader Group (AUTO) 497.10p -1.41%
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