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FTSE 250 movers: IDS surges on new EP offer; Georgia banks tumble on unrest

Wed 15 May 2024 14:59

(Sharecast News) - FTSE 250 (MCX) 20,784.13 0.80% Market Movers

Shares in Royal Mail owner International Distributions Services (IDS) surged on Wednesday afternoon after its board recommended a revised offer from billionaire Daniel Křetínský's EP Group which values the company at £3.5bn.

IDS, which also owns the GLS Group which provides parcel services in Europe and North America, said it has now received a second takeover proposal from EP Group for the remaining 72.4% it doesn't already own, valued at 370p per share.

EP Group had previously offered 320p a share for IDS last month but the proposal was rejected the board.

The new offer represents a cash payout of 360p per share, a 2p final dividend in respect of the most recent financial year and a special dividend of 8p

Drinks company Britvic posted a jump in interim profit and revenue on Wednesday and announced a £75m share buyback, as it highlighted "strong" customer demand for its brands.

In the six months to the end of March, adjusted earnings before interest and tax rose 17.7% to £100.4m, while pre-tax profit increased to £78.2m from £69.3m. Revenue was 11.2% higher at £880.3m.

Bank of Georgia and TBC Bank Group tumbled after Georgian lawmakers passed a "foreign agents law" which means that organisations receiving more than 20% of their funding from abroad will be required to register as "organisations serving the interests of a foreign power".

FTSE 250 - Risers

International Distributions Services (IDS) 327.00p 20.49% Keller Group (KLR) 1,366.00p 20.25% Britvic (BVIC) 995.50p 8.50% IP Group (IPO) 53.00p 4.54% Big Yellow Group (BYG) 1,180.00p 4.24% CMC Markets (CMCX) 270.00p 4.05% Kier Group (KIE) 149.20p 3.76% Redde Northgate (REDD) 423.00p 3.68% Tritax Big Box Reit (BBOX) 164.90p 3.32% UK Commercial Property Reit Limited (UKCM) 73.00p 3.25%

FTSE 250 - Fallers

TBC Bank Group (TBCG) 2,535.00p -14.07% Bank of Georgia Group (BGEO) 4,195.00p -11.12% Trainline (TRN) 325.20p -5.02% Ferrexpo (FXPO) 46.90p -2.70% TP Icap Group (TCAP) 218.00p -2.24% Energean (ENOG) 1,180.00p -1.99% Watches of Switzerland Group (WOSG) 335.00p -1.76% Harbour Energy (HBR) 302.90p -1.30% RHI Magnesita N.V. (DI) (RHIM) 3,680.00p -1.21% Just Group (JUST) 102.00p -1.16%

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