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FTSE 250 movers: Spectris surges, Trustpilot tumbles
(Sharecast News) - FTSE 250 (MCX) 21,250.40 0.44%
Spectris surged on Monday after confirming it has received a takeover proposal from private equity firm Advent International that it would be minded to recommend if a firm offer was made.
Advent has proposed £37.63 per Spectris share. This includes £37.35 in cash and a proposed interim dividend of £0.28 per share.
The scientific instruments maker said the proposal follows a number of earlier approaches from Advent regarding a possible all cash offer.
It said the board has carefully considered the proposal with its advisers and concluded that it was at a value it would be minded to recommend unanimously to shareholders, should a firm offer be made.
"Accordingly, the board is in discussions with Advent in relation to these terms and has provided access to confirmatory due diligence," the company said.
Under UK takeover rules, Advent has until 1700 BST on 7 July to either make a firm offer or walk away.
Trustpilot tumbled after Panmure Liberum initiated coverage of the stock with a 'sell' rating, citing high medium-term execution risk from a complex business transition.
Panmure said Trustpilot "finds itself in 2025 at the foothills of a complex multi-year business transition".
"Facing into a high cost of growth, management is pursuing Enterprise clients to reduce underlying customer churn and access larger brand investment - yet to do so may require them to enter the more competitive customer experience market," it said.
Panmure said the current valuation assumes perfect execution over a multi-decade time horizon despite near-term macro risks and medium-term business profile uncertainty.
"Deteriorating US macro will further test the business model's cyclicality in 2025," it said.
"We see the risk/reward equation skewed to the downside and initiate with a sell recommendation and a 200p target price, representing 4.1x FY25E EV/sales and 43.5x EV/EBIT, although we acknowledge 15.5% modest downside for a stock with this growth and volatility profile."
Market Movers
FTSE 250 - Risers
Spectris (SXS) 3,420.00p 67.81% Mitie Group (MTO) 142.60p 4.70% IP Group (IPO) 48.05p 4.12% Oxford Instruments (OXIG) 1,878.00p 3.99% Renishaw (RSW) 2,720.00p 3.42% Discoverie Group (DSCV) 692.00p 2.82% Oxford Nanopore Technologies (ONT) 122.90p 2.42% RS Group (RS1) 582.50p 2.37% Just Group (JUST) 151.00p 2.30% Indivior (INDV) 1,038.00p 2.27%
FTSE 250 - Fallers
Trustpilot Group (TRST) 215.80p -8.79% Mobico Group (MCG) 27.60p -5.99% Dunelm Group (DNLM) 1,144.00p -4.11% W.A.G Payment Solutions (WPS) 76.60p -4.01% Trainline (TRN) 268.20p -3.87% AO World (AO.) 97.30p -3.85% Raspberry PI Holdings (RPI) 460.90p -3.29% Wizz Air Holdings (WIZZ) 1,139.00p -2.98% Dr. Martens (DOCS) 80.05p -2.32% Caledonia Investments (CLDN) 3,790.00p -2.19%
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