The FTSE-250 listed precision instrument manufacturer Spectris published a note this morning advising that the board had agreed terms with private equity suitors Advent who had made a move for the company earlier this month. The offer was at an 85% premium to the unaffected price which would be difficult for any management team to defend and also underlines the ongoing issue with UK equities being undervalued. The Spectris share price was up 15% in early trade although a counter offer from KKR could also be incoming.
Gains for oil prices following the weekend’s bombing of Iran by the US may be broadly negative for world stocks but with oil prices rallying amidst renewed threats by Tehran to blockade the key transit route through the Straits of Hormuz, petrochemicals firms are finding some upside. It’s worth noting that many believe a shipping blockade wouldn’t be enforceable and would also attract significant backlash from the likes of China and India, both of which are heavily reliant on oil exports from the Middle East. The BP share price was 1.5% higher shortly after the open.
A brand once synonymous with the British high street, the retailer focused on mothers and young children issued a note this morning, highlighting that license terms had been agreed with Ebebek Mağazacılık of Turkey, the country’s largest retailer in this sector. The deal is the latest such partnership agreement which has been signed and contributes to the company’s campaign of rebuilding critical mass. The Mothercare share price was up by more than 12% in early trade.
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Recommended cash acquisition of Spectris plc - - Spectris (SXS)
