Shares in Menvier-Swan surge on bid approach
Wednesday 12 November 1997
Schroders, which is advising Menvier on the bid approach, made the announcement after the company's shares climbed as high as 265p. The stock closed 49p up at 254p, some way off January's high of 338p.
Menvier refused to comment on the suitor's identity and how advanced the talks were.
The company has been looking vulnerable after issuing a profits warning in September. That warning sent its shares spiralling 22 per cent to a year low of 217p. The company said trading conditions had been difficult and its largest customer had cut back on stock levels. Menvier had also been affected by the strength of the pound, industry consolidation and restructuring costs.
The difficult market conditions forced Menvier to cut more than 100 jobs, almost 10 per cent of the workforce.
- Cathy Newman
- 2 Friends 20th anniversary: Alison Jackson photographs reunited cast
- 3 Friends 20th anniversary: The highs and lows of the cast's careers since 2004
- 5 Free U2 album: How the most generous giveaway in music history turned into a PR disaster
Scottish independence: Despite defeat history may still point to Alex Salmond as the victor
Scottish independence referendum: Frankie Boyle reacts to nation's 'No' vote - 'To be fair, I've always hated Scotland'
Iranian blogger found guilty of insulting Prophet Mohammad on Facebook sentenced to death
Scottish referendum: Police struggle to control Unionist rally in Glasgow's George Square
Glasgow 'riots': 'Dishonest' social media users accused of fuelling panic with pictures from London riots
Daniele Watts: Django Unchained actress detained by Los Angeles police after being mistaken for a prostitute
Scottish independence referendum: A nation divided against itself
Scottish referendum results: Cross-party consensus collapses amid Tory-Labour spat on the 'English question'
Scottish independence: David Cameron is becoming the 'George Bush of Britain'
Russia freezes Ukraine into submission: Kiev admits country doesn't have enough fuel for winter
Scottish independence: The Queen breaks silence on referendum debate – as think tank warns of £14bn black hole if Scotland votes Yes
iJobs Money & Business
£400 - £450 Per Day: Clearwater People Solutions Ltd: **URGENT CONTRACT ROLE**...
Up to £100k or £450p/d: Saxton Leigh: My client is a leading commodities tradi...
£320 - £330 per day: Ashdown Group: The Ashdown Group have been engaged by a l...
To £75,000 + Pension + Benefits + Bonus: Saxton Leigh: My client is looking f...