By Samuel Indyk
Investing.com – Rumours about potential takeovers for two UK-listed firms – Equiniti Group PLC (LON:EQN) and Foxtons Group Plc ORD (LON:FOXT) - has sent shares in the two companies soaring on Tuesday. Equiniti has shot to the top of the FTSE 250 and estate agent Foxtons has also seen shares continue their recent month-to-date rally.
Interest in Equiniti reportedly comes from Siris, a technology-focussed private equity investor, according to Sky News. The company is said to have received a bid of 170p per share from the group, however, it is not known whether Equiniti has engaged with Siris. The proposal represents a premium of approximately 40% compared to yesterday’s closing price.
Equiniti shares trade 45% higher in early trade, above the reported offer price of 170p.
Foxtons
UK estate agent Foxtons is also said to be the subject of takeover interest. The UK’s Times newspaper notes speculation that potential suitors are weighing an offer for the company. The suggestion is that private equity firms are looking at the company on hopes of a revival in the high-end London property market.
Foxtons trades well below its peak from 2014 and it would not come as a huge surprise to hear they’ve attracted takeover interest. It also would not be the only M&A story in the space after Countrywide accepted a bid from Connells at the end of last year. That deal for Countrywide was 395p per share, valuing the estate agent at £134mln.