Tuesday, 16 September 2014

Performing

A rather large line of Perform stock - over 40 million shares - changed hands in almost one go at the close of the London market this evening. Investec is thought to have done a lot of the business (lucky them).

I'm not quite sure what the implications are of this share sale but it certainly sounds like something is cooking. For readers that don't recall, sports media company Perform has received a 260p a share/£700 million takeover approach from its largest shareholder, the US/Ukranian billionaire tycoon Len Blavatnik.

Blavatnik owns 42.5pc of Perform, which he floated at 260p in 2011, and some seasoned market observers see his (arguably cheecky) bid as a way to draw out a strategic acquirer for the business. I guess we will find out soon enough whether they are correct...

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