The food ingredients manufacturer which has been listed on the London Stock Exchange since 1938 issued a note this morning advising that the company had agreed terms for a sale to Ingredion. Talks had been made public a month ago which delivered a big move higher in the share price, with gains being topped off today amidst the proposed terms. This sees shareholders offered 595p in cash plus up to 20p per share in dividends, representing a 64% increase from just before the offer was made. The Tate & Lyle share price was up 13% in early trade, although still sits below the agreed buy out price.
Global podcast publisher Audioboom updated the market this morning, both with the latest trading statement and also news that it had concluded the strategic review and the idea of a trade sale had been sidelined. In light of the new forecasts for H1 performance which are set to deliver sharp increases in both revenues and EBITDA profits, management concluded the offers which had been tabled failed to reflect the value of the business. The Audioboom share price was down 16% shortly after the open.
The cloud computing company Beeks Financial announced this morning that it had secured its first client for the Market Edge Intelligence platform. A 5 year contract worth almost $5m has been signed with a major global bank, providing important early stage validation for the solution. The Beeks Financial share price was up 14% at 8.30am.
Most read news on Investegate this morning
Recommended cash acquisition of Tate & Lyle PLC - - Tate & Lyle (TATE)
Suspension of CFO - - Neo Energy Metals (NEO)
Trading Update and Sale of Lambert for up to £20m - - MPAC Group (MPAC)
