Bid talk delivers Business Post rise
TROUBLED parcel delivery company Business Post soared 7.5 per cent, the biggest riser in the FTSE 250 yesterday on speculation of a takeover approach.
The founding Kane brothers, Michael and Peter, own 52 per cent between them and there are rumours that a global operator such as Holland’s TNT has approached them about buying their stake.
Such a move would force a bid for the whole company, which after yesterday’s rise of 25 dp to 368p has a market value of £200million. Other predators could include UPS of the US and Deutsche Post, although the latter may have competition issues since it bought Britain’s Exel in October for £3.7 billion.
