Meggitt (MGGT) shares soared 55.49% to 729.7p following £6.3bn takeover proposal
Meggitt and Parker-Hannifin Corporation announced today they had reached agreement on the terms of a takeover offer whereby Parker will acquire Meggitt for around £6.3 billion.
The aerospace and defence firm outlined that the takeover offer would provide shareholders with 800p a share in cash, a 71% premium to its Friday’s closing price.
According to Bloomberg, should the offer be accepted it would represent Parker-Hannifin’s biggest deal to date. Meanwhile, the Company highlighted to investors that the addition of Meggitt to its portfolio will nearly double the size of its aerospace systems unit.
“That would position the Cleveland-based company to better compete in an aviation sector that’s just emerging from the biggest slump in history,” Bloomberg reported this morning.
ThinkSmart (TSL) shares soared 45.90% to 89p amid potential Afterpay takeover
Shares in the Group, which operates as a specialist digital payments platform business, soared on Monday after Square inc (NYSE:SQ) announced plans to acquire Afterpay in a deal worth AU$39 billion for SQ and which values ThinkSmart at around £65m. ThinkSmart's holds 10% in Clearpay UK which was last valued at £106.6m in December 2020.
The deal, which is expected to be completed by 1Q22, will give Afterpay the right to exercise an option to acquire ThinkSmart’s stake if there is a change in ownership in Afterpay.
“For ThinkSmart's shareholders, we believe this translates to a very positive and material impact on Clearpay UK, which we retain a 10% shareholding in. That growth of Clearpay UK, which it is clear today is continuing unabated, has been phenomenal adding 2.1m customers in the first 2 years of trading,” said Ned Montarello, Executive Chairman of ThinkSmart.
Catenae Innovation (CTEA) shares jumped 33.33% to 1.4p as it signs collaboration deal
The digital media and technology provider announced that it has signed a collaboration agreement with ProMake, a global specialist in material science and medical innovations.
Under the terms of the deal, Catenae will provide data management services to ProMake to fulfil its position on the Public Health England National Microbiology Framework.
Catenae explained that the exclusive agreement forms part of a ProMake-led consortium which has been awarded positions in Lot 2 (Research and Development Goods and Services) and Lot 4 (Clinical Lab Diagnostic Testing Services) of the PHE Framework Agreement.
Tower Resources (TRP) shares rose 23.40% to 0.58p as oil prices remain strong
In June 2021, the firm said in its preliminary results that it is expecting to achieve ‘much more tangible results’ this year as oil prices recover from lows of around $40 per barrel. In fact, it cited the price of Brent which at the time had risen to more than $70 per barrel again.
“The overall prognosis for oil prices has improved and, despite the understandable concerns about the long-term sustainability of the sector, there is a growing realisation that the industry still needs short-cycle, low-cost projects to sustain oil production over the next few years, as well as long term gas production. This is especially true in Africa,” it reported at the time.
On Friday, oil prices continued to rise with Retuers reporting that the commodity remains on track to post weekly gains, ‘with demand growing faster than supply, while vaccinations are expected to alleviate the impact of a resurgence in COVID-19 infections across the globe.’
ConvaTec Group (CTEC) shares fell 5.53% to 223.8p while 1H21 results remain ahead of expectations
In its half-year results to 30 June 2021, the medical products and technologies company reported strong revenue growth which it said was supported by growth across all divisions.
Pre-tax profit for the 1H21 came to $112.1m, a rise of 38% year-on-year from $81.5m while the Group also reported group revenue at $1.01 billion, up 11% from $908 million in 1H20.
ConvaTec declared an interim dividend of 1.717 cents per share, in line with the prior year while the Group said it expects full year organic revenue growth of between 3.5 and 5.0%
Despite updating its guidance, ConvaTex expects higher raw material prices and freight costs in 2H21 ‘coupled with increases in operational expenditures given planned transformation investments into research & development and selling and distribution.