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FTSE 250 movers: Biffa surges on takeover news
(Sharecast News) - The FTSE 250 was down 0.85% at 20,332.21 at 1414 BST. Shares in waste management specialist Biffa surged by 25% on news it has given the green light to a proposed takeover approach worth more than £1bn.
The firm said it had received a series of unsolicited, indicative proposals from affiliates of Energy Capital Partners, the private equity firm, and following talks, a possible cash offer of 445p per share has been proposed.
Due diligence is now underway, and Biffa said it was "minded to recommend" the approach to shareholders should a firm offer be made on the same financial terms.
The offer values the business at around £1.36bn. Shares in Biffa closed at 325p per share on Monday, giving it a market value of £924.9m.
Shares in National Express fell as the company reinstated its short-term guidance following the improvement seen in various of its end markets, but said that short-term profitability would lag sales growth.
The intercity and inter-regional coach operator cited a stronger-than-expected recovery at its ALSA unit, driven by "strong" organic growth in Morocco, German rail revenue running at four times its pre-Covid 19 level and rising shuttle revenues in the US as workers return to their offices.
In the UK, topline growth was in line with expectations with airport volumes building back "strongly" and the company's expectations were for an equally strong summer.
However, for the short-term, the company reiterated its forecasts for the recovery in profitability to lag that in revenues, although margins were seen improving sequentially versus 2021.
It also noted the "unprecedented" levels of wage inflation in the US amidst industry-wide driver shortages.
FTSE 250 - Risers
Biffa (BIFF) 408.20p 25.60% Capricorn Energy (CNE) 213.00p 2.70% Mitie Group (MTO) 59.60p 2.41% Playtech (PTEC) 563.00p 2.09% Ultra Electronics Holdings (ULE) 3,268.00p 1.74% Mediclinic International (MDC) 412.80p 1.57% Abrdn Private Equity Opportunities Trust (APEO) 479.00p 1.48% Jlen Environmental Assets Group Limited NPV (JLEN) 123.80p 1.48% ICG Enterprise Trust (ICGT) 1,090.00p 1.30% Morgan Advanced Materials (MGAM) 324.00p 1.25%
FTSE 250 - Fallers
National Express Group (NEX) 249.40p -7.83% Ferrexpo (FXPO) 181.50p -6.06% Baltic Classifieds Group (BCG) 140.00p -5.02% Marks & Spencer Group (MKS) 143.50p -4.84% Bridgepoint Group (Reg S) (BPT) 320.80p -4.81% Currys (CURY) 80.70p -4.21% Renishaw (RSW) 4,058.00p -4.16% Kainos Group (KNOS) 1,210.00p -4.12% Genus (GNS) 2,610.00p -4.11% IP Group (IPO) 79.40p -4.11%
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