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Spire shares hit as takeover talks end | Spire shares hit as takeover talks end |
(about 4 hours later) | |
Shares in private hospital group Spire dropped sharply after Mediclinic scrapped a bid for the company. | Shares in private hospital group Spire dropped sharply after Mediclinic scrapped a bid for the company. |
Spire had rejected a revised bid that valued its shares at 315.5p each, saying the offer "undervalued Spire and its prospects". | Spire had rejected a revised bid that valued its shares at 315.5p each, saying the offer "undervalued Spire and its prospects". |
Shares in the FTSE 250-listed Spire fell 8.4% on the news, while Mediclinic - a FTSE 100 member - dropped 3.1%. | |
After opening lower, the FTSE 100 index recovered as the day progressed. | |
By the end of the day the benchmark share index had gained 8.78 points at 7,389.46. | |
Shares in Thomas Cook rose over 5% following some upbeat broker comment. Panmure raised its rating on the travel company to "hold" from "sell", while HSBC gave the firm a "buy" rating. | |
On the currency markets, the pound rose 0.2% against the dollar to $1.3240 and was 0.6% higher against the euro at €1.12770. | |
The euro had fallen sharply in early trade after talks on forming a coalition government in Germany collapsed. | The euro had fallen sharply in early trade after talks on forming a coalition government in Germany collapsed. |
However, after falling by as much as 0.6% against the dollar, the euro then recovered to stand little changed against the US currency at $1.1785. | However, after falling by as much as 0.6% against the dollar, the euro then recovered to stand little changed against the US currency at $1.1785. |