Friday May 9, 09:21 AM
UK smallcap opening - Flomerics shoots up on Mentor bid rejection
LONDON (Thomson Financial) - Traders sensed a bidding war developing for Flomerics Group, whose shares shot up 13 pence to 102 after the company rejected a 104 pence-a-share cash offer from Mentor Graphics (NASDAQ: MENT
- news) , saying it has had potential interest expressed by a number of other parties.
In contrast, traders took profits in Intec Telecom (LSE: ITL.L - news) , 2 lower at 55-1/4, in the wake of Thursday's 'very preliminary' takeover approach.
On the new issue front, Iofina started life at 70 pence, compared with a placing price of 55. The company is involved in the exploration and production of both iodine and natural gas which have been discovered on acreages which it has acquired, and is currently acquiring.
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