FTSE hits highest closing level since February 2020
SAnne Group outperformed mid-cap hikes with its highest share price on record as it agreed to discuss a possible takeover with private equity firm Cinven, having already rejected its advances four times.
Cinven has indicated he could make a £ 1.4 billion offer for the asset manager, valuing him at 875 pence per share. Sanne rejected an offer of 850p per share last month, saying it did not reflect its full potential. The latest offer is indicative and the Jersey-based company stressed that there is no certainty that a concrete offer will be made.
“Energy and perseverance triumphs over all things, at least according to Benjamin Franklin, and Cinven leaned heavily on the latter of the two in his attempt to take over Sanne. The private equity giant’s fifth offer ultimately brought Sanne’s board to the negotiating table, ”said Nicholas Hyett of Hargreaves Lansdown.
“After strongly rejecting the previous four offers, this move suggests that Sanne’s board is at least willing to consider a sale. It remains to be seen whether Cinven will have to put any icing on the 875p-a-share offer for the board to bite. “
Its share price has climbed around 40pc, up from just over 600p per share last month since Cinven’s interest was first revealed. He added an additional 68p on Friday to close at 840p.
the FTSE 100 hit its best week in more than a month after new economic data showed the economy grew 2.3% in April and was a record 27.6% higher than 12 months earlier.
Traders ignored a spike in U.S. inflation and blue chips rose 45.88 points to 7,134.1 – the highest closing price since February 2020 – while the FTSE 250 added 125.4 points to 22,734.1.
Miners helped boost the benchmark, with Glencore and Evraz among the top 10 performers after a record annual jump in domestic economic output in April, boosted traders’ confidence in the recovery.
Actions in Entain rose 38.5 pence to its highest price on record of £ 18.03 after the owner of Ladbrokes said he expects twice as many bets on this year’s Euros tournament – which has started yesterday – compared to the World Cup in 2018.
For the first time at a major event, the sports betting company said it will host almost all customer activity on in-house technology, meaning Entain will have better access to betting data and behavior. fans across Europe.
Owner Grainger rose 0.4p to 291p after the owner agreed to buy the Newcastle The Forge rental development under a £ 57million deal. The project, his first purchase in Newcastle, is a build-to-let development with 283 apartments and commercial space.
Elsewhere, Naked Wines fell to its lowest price since the end of March after a pre-tax loss of £ 10.7million in annual profits as many consumers reconsidered whether wine subscriptions were an affordable option in a time of coronavirus financially difficult. The online wine retailer has yet to make a profit.
James Andrews, of money.co.uk, said: “Although Naked Wines has benefited from the hotel shutdown and some consumers are choosing to go for a more luxurious wine subscription service, it is not. still not clear if this will be enough to increase profitability. “The stocks lost 78p to 715p.