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FTSE 250 movers: Direct Line surges on takeover; Serco hit by UBS downgrade
(Sharecast News) - FTSE 250 (MCX) 21,051.89 0.24%
Shares in Direct Line spiked on Friday after the UK insurer said it was ready to accept an increased offer from rival Aviva of 275p a share, valuing the company at £3.6bn.
Direct Line last week rejected a 250p cash and share offer. Shares in the company were up 8% in early London trade.
The company reiterated that it was confident of its prospects as a standalone operation, but after considering the new offer with advisers and consulting with shareholders it decided the latest bid was at a value that it could recommend acceptance.
Direct Line shareholders would own approximately 12.5% of the issued and to be issued share capital of Aviva. The Direct Line board believes that, in addition to the attractive headline value per share, the combination would provide the opportunity to deliver significant synergies, creating substantial additional value for both sets of shareholders," the company said in a statement.
Aviva has until 1700 GMT on Christmas Day to make a firm offer under UK takeover rules.
AJ Bell was knocked lower by a downgrade to 'hold' at Deutsche Bank.
Outsourcer Serco was weaker after a downgrade to 'sell' from 'buy' at UBS.
Oil producers were down on news that OPEC+ nations had delayed production cuts until the end of March next year. Energean and Harbour Energy were both lower on the news.
FTSE 250 - Risers
Kier Group (KIE) 158.60p 9.38% Direct Line Insurance Group (DLG) 253.00p 7.20% PZ Cussons (PZC) 87.40p 4.30% SDCL Energy Efficiency Income Trust (SEIT) 58.50p 3.91% SSP Group (SSPG) 187.20p 3.60% Future (FUTR) 1,109.00p 3.16% Wizz Air Holdings (WIZZ) 1,377.00p 3.15% Crest Nicholson Holdings (CRST) 174.00p 2.47% Investec (INVP) 586.00p 2.45% AO World (AO.) 110.00p 2.42%
FTSE 250 - Fallers
Serco Group (SRP) 146.90p -5.47% AJ Bell (AJB) 457.00p -5.19% Energean (ENOG) 939.50p -4.86% Endeavour Mining (EDV) 1,486.00p -2.94% Harbour Energy (HBR) 246.30p -2.80% CMC Markets (CMCX) 286.00p -2.56% Carnival (CCL) 1,866.00p -2.38% Wood Group (John) (WG.) 64.00p -2.36% Me Group International (MEGP) 215.50p -2.05% NCC Group (NCC) 161.00p -1.95%
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