Meggitt gains on bid speculation

23rd Nov 2016 12:19

(ShareCast News) - Aerospace and defence group Meggitt got a boost on Wednesday amid speculation it may have received a bid approach.According to the FT Alphaville Blog, Meggitt has been on the receiving end of "a firm offer" recently, with France's Safran said to have tabled an offer at 560p that was rejected.According to the blog, Safran could come back with a sweetened offer of 600p.Earlier this week, the company's non-executive chairman Nigel Rudd picked up 1,450 more shares in the company at 454p each, taking his stake to 122,000 shares.At 1223 GMT, Meggitt shares were up 1.1% to 460.90p, having risen nearly 5% earlier.

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