The FTSE-250 listed speciality chemicals business Elementis has announced this morning that following a strategic review, it has agreed to sell its talc division to IMI Fabi. That’s for an enterprise valuation of $121m, yielding $55m of proceeds for the business. The sale helps Elementis reposition as a pure play chemicals leader, whilst shareholders are also set to benefit as $50m of the money received will be used to fund a share buyback. The Elementis share price was up 11% in early trade.
Gains for the professional cost management group were seen this morning after another takeover offer was revealed, this time for 81p per share with the board adding that they would be minded to recommend the deal in the event that a firm offer is made. This is the latest in a series of approaches that have been made for the company, with the Inspired share price up 9% in early trade, now sitting at 77.5p so still reflecting a modest discount to the offer.
In a quiet morning back after the long weekend, small cap boutique spirits manufacturer Distil saw its shares jump higher after an existing investor added to his stake. This takes the holdings of Dr Graeme Cooley to almost 20%, with the stock now trading at fresh highs for the year. The Distil share price was up by more than 30% approaching 9am.
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