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FTSE 250 movers: Tate & Lyle surges on takeover; Vistry, Bellway fall on rate fears
(Sharecast News) - FTSE 250 (MCX) 23,028.27 -0.14%
Tate & Lyle has agreed to be taken over by US peer Ingredion in a £2.7bn deal, it was confirmed on Monday, sending shares in the British firm soaring.
The ingredients specialist, which was founded in 1859 and joined the London market in 1935, is being acquired for 595p per share in cash and dividends of up to 20p share. It values the business at £2.7bn, with an implied enterprise value of £3.7bn, and represents a 58.7% premium to the closing share price on 13 May, the last day of trading before the takeover talks were first disclosed.
Splenda-owner Tate & Lyle said the deal would create a business with "even greater potential".
Ithaca Energy jumped as Israel's attacks on Lebanon threatened to reignite the Iran war, sending the price of crude up 4%.
TP Icap rallied after Deutsche Bank initiated coverage of the interdealer broker at 'buy' with a 415p price target, saying it was "more than a cyclical broker".
Housebuilders Vistry and Bellway fell on fears that the war would drive up inflation and force interest rates higher.
FTSE 250 - Risers
Tate & Lyle (TATE) 560.50p 14.16% Ithaca Energy (ITH) 253.80p 6.37% CMC Markets (CMCX) 467.50p 3.08% Ocado Group (OCDO) 206.20p 3.05% TP Icap Group (TCAP) 325.40p 3.04% Hays (HAS) 35.58p 2.82% Aston Martin Lagonda Global Holdings (AML) 41.38p 2.82% Balfour Beatty (BBY) 831.00p 2.40% Grainger (GRI) 153.80p 2.33% Chemring Group (CHG) 507.50p 1.80%
FTSE 250 - Fallers
XP Power Ltd. (DI) (XPP) 1,736.00p -3.48% Vistry Group (VTY) 250.80p -3.46% IP Group (IPO) 64.10p -3.17% Bellway (BWY) 1,767.00p -2.64% Raspberry PI Holdings (RPI) 1,018.50p -2.62% Kier Group (KIE) 199.10p -2.59% Baltic Classifieds Group (BCG) 187.70p -2.54% FirstGroup (FGP) 165.60p -2.47% Morgan Advanced Materials (MGAM) 220.50p -2.22% Playtech (PTEC) 338.00p -2.09%
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