TechMARK movers: Morse rallies on approach

8th Jul 2009 16:36

IT services group Morse has confirmed it has received preliminary approaches at 25p per share, which the board believes significantly undervalues the company."These preliminary approaches may or may not lead to an offer being made for the company. There can be no certainty that an offer will be made," Morse said, adding it will release a trading update tomorrow.Last week, Morse indicated revenue and adjusted earnings before interest and tax will be towards the upper end of analyst expectations for the year.Defence business Ultra Electronics has announced the acquisition of South Australia's Avalon Systems for A$16.5m in cash on a debt and cash fee basis.The acquisition will be financed using Ultra's existing banking facilities.Avalon specialises in the field of Electronic Warfare (EW), undertaking the design and manufacture of EW sub-systems and providing engineering consultancy services and through-life support.FTSE TechMARK - RisersMorse (MOR) 24.75p +23.75%Oxford Instruments (OXIG) 146.00p +8.15%Phytopharm (PYM) 4.50p +5.88%Puricore (PURI) 16.50p +4.76%Imagination Technologies (IMG) 141.25p +4.63%Ricardo Group (RCDO) 208.00p +4.00%Skyepharma (SKP) 119.00p +3.03%E2V Technologies (E2V) 64.00p +2.81%Axis-Shield (ASD) 362.00p +1.97%Phoenix IT Group (PNX) 214.25p +1.90%FTSE TechMARK - FallersAEA Technology (AAT) 25.50p -7.27%Oxford Biomedica (OXB) 11.00p -6.38%Kofax (KFX) 132.00p -6.22%Electronic Data Processing (EDP) 39.50p -4.82%Sinclair Pharma (SPH) 23.50p -4.08%Biocompatibles International (BII) 180.00p -2.70%XP Power (XPP) 202.50p -2.64%Intec Telecom (ITL) 77.00p -2.53%Anite Group (AIE) 29.25p -2.50%Optos (OPTS) 70.00p -2.44%