There’s another round in the easyJet takeover story this morning. Management have rejected a fourth offer of 650p per share but have agreed to show the suitor Castlelake some of the commercials and have also arranged a nine day extension to the put-up-or-shut-up window. The idea is that a clearer picture of the books may help flush out a higher valuation and could possibly encourage more into the fray. The easyJet share price was up more than 5% in the first few minutes of trade.
The greetings card and gift platform has this morning published full year results. With profits coming in ahead of expectations and the company committing to a further £65m share buyback, investors have been cheering the news. Whilst there may be some modest margin pressure in the near term as the company invests for growth the market is clearly willing to look beyond this and the Moonpig share price was up almost 9% shortly after the open.
There was a brief portfolio update out from 3i Group this morning. There had been some concerns over the performance of Action, the discount retailer it holds a majority stake in, but today’s note identifies positive sales growth and an expectation that plans for the full year remain on track. This was sufficient to push the 3i share price more than 10% higher in early trade.
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