(Bloomberg) — Here’s the key business news from London-listed companies this morning.
M&C Saatchi Plc: The advertising house has agreed a takeover deal with London-listed Next Fifteen Communications Group Plc, valuing the company at about £310.1 million.
- The agreed deal trumps a rejected offer made by AdvancedAdvT Limited, who sought the support from the company’s shareholders after failing to win the board’s support — the rival bidder said they’re now considering their options
Playtech Plc: Talks between the gaming software developer and TTB Partners are making progress, the company said this morning, setting June 17 as a deadline for an offer to be made.
- A six month-long restricted period under the takeover code expired today
Wincanton Plc: The UK-based supply chain partner appears to have managed rising prices, delivering earnings that beat the average analyst estimate.
UK Retail Sales: The latest data for April shows that retail sales including fuel have fallen 4.9% year on year, slightly better than estimated
- Data released overnight showed UK consumer confidence fell to its lowest level in at least 48 years in another sign that the worst inflation in four decades is threatening the recovery from the pandemic
Outside The City
The pressure on Labour leader Keir Starmer is likely to build after yesterday’s news that Boris Johnson won’t be fined again for breaking coronavirus regulations.
In Case You Missed It
British entrepreneur Nick Candy is considering an offer to buy Manchester-based THG Plc, while the online retailer announced it rejected a rival bid. That’s as Bloomberg Opinion’s Chris Hughes writes that stars could be aligning for private equity to launch a fresh shopping spree in the UK.
And party like it’s 1952: Here’s what’s on luxury offer during the celebrations of the Queen’s Platinum Jubilee.
Looking Ahead
Supermarket Marks & Spencer Group Plc is the highlight of next week’s earnings, along with a number of other companies.
On Monday, we’ll find out how higher interest rates and soaring inflation have impacted the property market as Rightmove data on house prices for May is released.
(Corrects fifth paragraph regarding takeover code restrictions.)
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