Shares in Globaldata, the London-based analytics company, slumped at the open on Wednesday after management disclosed that talks surrounding a proposed private equity buyout deal had been terminated. The news here was first tabled at the end of April which saw the company’s valuation jump by around 50%. In early trade, the Globaldata share price is down almost 14%.
The building material manufacturer Ibstock published a trading update this morning and despite news that the company was seeing broader market conditions improve with demand notably higher than the readings from a year ago, investors appear to be focusing on talk of margin headwinds and a competitive pricing backdrop as stifling profit growth. Full year EBITDA is forecast to be broadly unchanged from the FY24 figure even as production capacity is ramped up. The Ibstock share price was 13% lower shortly after the open.
The automotive engineering and strategic consulting firm Ricardo is the latest acquisition target to fall in London, with management having agreed terms with professional services firm WSP. Investors are being offered 430p per share, which represents a 28% increase on last night’s closing price, valuing the target at £281m. Irrevocable undertakings of almost 50% have been agreed so far and the Ricardo share price was 25% higher by 8.30am.
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