FTSE 250 movers: Avis Europe soars on bid excitement

14th Jun 2011 15:44

Avis Europe surged by more than a half on the news that the Avis car hire brand is set to return to single ownership after US operator Avis Budget launched an agreed bid. Avis Budget will offer 315p cash for each Avis Europe share in a deal that values the UK listed company at around £636m. The mid-market price of Avis Europe on the day before the bid was announced was 196.6p. Meanwhile, oil rig services group Lamprell has taken a hit, falling over 7%.Rentokil Initial, the business services company, best known for its pest control division, is higher after a boardroom shakeup which will see Davvid and Robert Peto join the firm from Royal Mail Group.Panmure Gordon raised its target price for engineering software firm Aveva, from 1,599p to 1,661p, helping shares higher. However, the broker kept its 'hold' rating on valuation grounds. ---BCFTSE 250 - RisersAvis Europe (AVE) 310.80p +58.09%Regus (RGU) 107.00p +4.49%Home Retail Group (HOME) 173.50p +4.27%Fenner (FENR) 387.00p +3.84%Betfair Group (BET) 856.00p +2.88%CSR (CSR) 317.80p +2.75%Aveva Group (AVV) 1,718.00p +2.75%Travis Perkins (TPK) 1,050.00p +2.64%Logica (LOG) 130.70p +2.43%Henderson Group (HGG) 142.90p +2.36%FTSE 250 - FallersLamprell (LAM) 355.20p -7.26%Kofax (KFX) 470.60p -3.37%Premier Foods (PFD) 27.90p -2.11%Supergroup (SGP) 878.50p -1.84%Northumbrian Water Group (NWG) 380.10p -1.78%ITE Group (ITE) 238.30p -1.73%Redrow (RDW) 119.20p -1.57%Cable & Wireless Communications (CWC) 39.30p -1.45%Moneysupermarket.com Group (MONY) 107.40p -1.29%Berendsen (BRSN) 491.20p -1.17%