Shares in the corporate currency management company Alpha Group surged this morning after directors said they would extend the “Put Up or Shut Up” deadline that had been granted to competitor Corpay a month ago. Alpha Group is being sized up for a potential takeover and city rules mandate that the suitor has a one month window to table a formal offer or walk away. However with Alpha’s management believing the deal could still be beneficial to shareholders, they have agreed to extend the offer window to early July. The Alpha Group share price was around 4% higher in early trade.
Insurer M&G saw its shares make strong gains on Friday morning after announcing a long term strategic partnership with Dai-Ichi Life HD, covering both asset management and life assurance. M&G, one of the leading international active asset managers and asset owners, will become Dai-ichi Life HD's preferred asset management partner in Europe. The partnership is expected to generate at least $6 billion in new business flows into funds managed by M&G over the next five years, of which at least $3 billion is intended to be in M&G's market-leading high-alpha strategies across public and private markets. Dai-Ichi will also acquire a 15% shareholding in M&G, with the news sufficient to drive the M&G share price up more than 7% shortly after the open.
A trading update from the human clinical trials specialist Hvivo is out this morning in light of the company having received notification of a significant human challenge trial ("HCT") contract cancellation, alongside a postponement and a smaller study cancellation. Management note that the sector is volatile right now but the sales pipeline is stronger than ever and as the book stands right now, without any further contract wins, FY25 will see an operating loss in the mid-single digits. Investors have marked down the stock with the Hvivo share price trading down almost 60% by 8.30am.
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Dai-ichi Life and M&G form strategic partnership - - M&G (MNG)
