FTSE-250 listed global infrastructure investment company BBGI saw its share price surge in early trade this morning, following news that management had reached agreement on terms for British Columbia Investment Management Corporation to acquire the business on an all cash basis. The offer of 147.5p per share reflects a 21% uplift from yesterday’s close, with the acquiring party stating that future growth of BBGI will be better delivered as a private business. The BBGI share price is up 19% in early trade.
The engineering services company which has a number of national security contracts in its remit issued a Q3 update this morning, noting that the strong trading performance is continuing. With momentum being maintained, the majority of revenue for the trading year is now booked and this has given management the confidence to upgrade full year expectations. These are now expected to exceed the top end of analyst forecasts for both revenue and underlying profit. The Babcock share price was up almost 12% by 8.30am.
Pharmaceuticals play AstraZeneca updated the market this morning with its full year numbers, reporting a significant jump in pre-tax profits despite a drop in sales in the Chinese market, where it remains under investigation against allegations of unpaid tax. Investors are however on course to see am uptick in dividends and this appears to be lending support. The AstraZeneca share price was sitting more than 5% higher in early trade.
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