Home news Spire shares soar on Mediclinic bid rejection

Spire shares soar on Mediclinic bid rejection

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Shares in Spire, the UK private hospital chain, jumped 11% after it rejected a bid from South Africa’s Mediclinic.Spire shares were trading at 291p, below the 298p price implied by Mediclinic’s offer.Mediclinic, which has a stake of almost 30% in Spire, said it was considering its position.The rejection came on an otherwise quiet start on the London market, with the FTSE 100 down 8.1 points at 7,515.Elsewhere, a profit warning from car dealership Pendragon sent its shares down 17%.Pendragon said its business was suffering in the wake of falling demand for new cars: “The decline in demand for new cars and the consequent used car price correction has impacted this year’s profit outturn.”The FTSE 250 company, which owns the Evans Halshaw brand, expected full-year profit to be about £60m, well below last year’s £75.4m. Figures from the Society of Motor Manufacturers and Traders have shown new car sales falling for the past six months, with September showing a fall of 9%.Shares in rival dealership Inchcape fell 3%.On the currency markets, the pound was flat against the dollar at $1.3194 but was up 0.22% against the euro at €1.1221.
Source: BBC News