News of a £630m takeover bid sent retirement home developer McCarthy & Stone’s stock surging today, settling within tenths of a pence of its suitor’s offer price.
Private equity group Lone Star has offered 115p per share to buy McCarthy & Stone, a deal the target’s board has recommended to shareholders.
McCarthy & Stone’s shares rose by almost 40% during trading to close at 115.8p, their highest value since before the UK entered its coronavirus-driven lockdown in March.
West End landlords Shaftesbury and Capital & Counties clawed back some of yesterday’s losses, and both made it onto the list of the FTSE 250’s biggest risers. Shaftesbury gained 8.3% at 454.8p, while CapCo rose by 6.6% to end the day at 110p.
There was also a sizeable boost for Hammerson, up 10% at 19.84p.
Countrywide dropped further, following yesterday’s 10% fall with a slip of 5.5% to 157.6p as the market digests news of private equity backing and the likelihood of a cancelled sale of its Lambert Smith Hampton division.
The FTSE 100 ended trading at 5860 points, a gain of 1.3%. The FTSE 250 was up by 1.2% at 18,109.
To send feedback, e-mail tim.burke@egi.co.uk or tweet @_tim_burke or @estatesgazette
