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FTSE 250 movers: Micro Focus surges on OpenText offer
(Sharecast News) - The FTSE 250 was up 0.33% at 19,320.57 at 1515 BST.
In equity markets, shares of software maker Micro Focus rocketed after it agreed a £5.1bn takeover by Canadian rival OpenText. The offer is £5.32 per share, a 98% premium on Micro Focus's current share price, which has fallen 87% over the past three years.
The FTSE 250 group provides IT services for business IT issued major profit warnings in 2018 and 2019.
Micro Focus has debts of $4.4bn. OpenText said it would fund the deal by raising $4.6bn in new debt, $1.3bn in cash, and $600m from its existing revolving credit facility.
Nasdaq-listed OpenText is one of the world's largest software providers and is used by thousands of corporate clients. It is valued at $13bn and has 14,800 employees in 35 countries.
AJ Bell investment director Russ Mould said: "While the premium for shareholders looks pretty healthy when compared with yesterday's close, it is below the level the company traded at in 2019. It also further dilutes an already pretty threadbare-looking tech sector on the UK market."
Miners were also on the rise as commodity prices advanced, with Ferrexpo, Tullow Oil and Polymetal in the black.
FTSE 250 - Risers
Micro Focus International (MCRO) 521.00p 94.55% Ferrexpo (FXPO) 159.70p 8.49% Polymetal International (POLY) 215.00p 7.50% Syncona Limited NPV (SYNC) 208.50p 4.25% Grafton Group Ut (CDI) (GFTU) 731.20p 3.58% Currys (CURY) 60.90p 3.40% HGCapital Trust (HGT) 383.50p 3.09% Tullow Oil (TLW) 52.00p 3.07% Balanced Commercial Property Trust Limited (BCPT) 108.60p 2.84% Darktrace (DARK) 525.20p 2.58%
FTSE 250 - Fallers
Watches of Switzerland Group (WOSG) 796.50p -3.40% Jupiter Fund Management (JUP) 100.90p -3.35% TUI AG Reg Shs (DI) (TUI) 129.70p -2.66% Chrysalis Investments Limited NPV (CHRY) 76.80p -2.66% Victrex plc (VCT) 1,762.00p -2.44% CMC Markets (CMCX) 231.00p -2.33% Diploma (DPLM) 2,566.00p -2.28% Hill & Smith Holdings (HILS) 1,068.00p -2.20% Ibstock (IBST) 195.70p -2.10% Wood Group (John) (WG.) 132.45p -2.07%
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