First Leisure shares up on bid talk
SHARES IN First Leisure, the bingo, nightclubs and ten- pin bowling group chaired by Michael Grade, rose by almost 11 per cent yesterday following reports of a possible pounds 500m hostile bid for the company. Analysts said they expected First Leisure to slim its operations down but that there would be few takers for the low-growth bingo operations.
Whitbread and Vardon, two of the companies seen as potential bidders, are not thought to be interested, nor is Nomura, the Japanese bank that has pulled off a string of high profile deals. The shares closed 22p higher at 222.5p valuing the business at pounds 370m.
Subscribe to Independent Premium to bookmark this article
Want to bookmark your favourite articles and stories to read or reference later? Start your Independent Premium subscription today.
Join our commenting forum
Join thought-provoking conversations, follow other Independent readers and see their replies