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Shares in takeover target Renishaw fell yesterday after German giant Siemens insisted it had no plans to make a bid.
The stock tumbled more than 8 percent in early trading after Siemens said it has “no intention of making an offer” for the FTSE 250 firm, amid speculation it was about to dive.
But shares recovered, falling just 2.5 percent, or 110p, to 4240p, while analysts said Renishaw remained a prime target for predators.
The interest came as Peel Hunt warned that London’s stock market would fall victim to a “ruthless” takeover that was “fueling a frenzy” as British companies are targeted by foreign bidders.
Engineering group Renishaw, which specializes in metal 3D printing, was founded in 1973 by David McMurtry and John Deer.
Target: Renishaw shares tumbled more than 8% in early trading after Siemens said it ‘does not intend to make an offer’ for the FTSE 250 company amid speculation it was about to plunge
Russ Mould, investment director at AJ Bell, said: ‘While Siemens has poured cold water on speculation that it is looking to buy Renishaw, the latter still remains a prime takeover candidate.
“It has specialist skills and a long track record of generating value for stakeholders.”
The FTSE 100 rose 0.03 percent, or 2.35 points, to 7,937.44 and the FTSE 250 rose 0.20 percent, or 39.75 points, to 19,753.64.
Shares in Royal Mail owner International Distributions Services rose 4.3 per cent, or 9.8p, to 236.4p after it outlined plans to overhaul its postal service, which would save it £300m a year.
Hilton Food Group reported a 3.7 percent increase in sales to £3.99 billion last year, alongside a 64.2 percent increase in profits to £48.6 million.
But it warned that “markets remain challenging.” Shares rose 1.64 percent, or 14p, to 868p.
Stock Watch – Shearwater Group
Cybersecurity company Shearwater warned its full-year results will miss market forecasts due to delays in completing major contracts.
It expects to report around £22.5 million in revenues and a profit of just under £1 million for the year to the end of March – lower than the expected £32.5 million turnover and £2.5 million expected profit.
Shearwater hopes to return to growth in the new financial year and has already extended a contract for £1.4 million. Shares fell 12.12 percent, or 6p, to 43.5p.
Topps Tiles says customers’ reluctance to spend on expensive items will hurt profits.
Sales fell 5.9 per cent to £122.6 million in the six months to March 30. Shares fell 3.9 percent, or 1.7p, to 42.3p.
Banknote printer De La Rue will work with Microsoft for another five years to supply authentication stamps. Shares fell 0.7 percent, or 0.6p, to 81.6p.
An investment company that owns approximately five million shares in Dr. Martens property, has called on the British shoe maker to consider putting itself up for sale.
Marathon Partners Equity Management told the company last month that its status as a publicly traded company “is likely no longer in the best interests of shareholders,” Reuters reported. The shares added 2.5 percent, or 2.25p, to 92.5p.
BT slumped into the red, falling 4.6 percent, or 5.05p, to 104.7p after UBS downgraded its rating and urged customers to sell the shares.
The investment bank expects downgrades in the telecom giant’s update next month.
Genedrive rose 38.7 percent, or 1.45 pence, to 5.2 pence, after a British regulator recommended the NHS use the molecular diagnostics company’s test to find the best medication for stroke patients.
Oxford BioDynamics has been given the green light to offer its blood tests for prostate screening at its new clinical trial site in Britain. Shares fell 0.11 percent, or 0.01p, to 9.3p.