Restaurant Group plc
On the mid-cap index, Restaurant Group enjoyed its best day in more than seven years after the under-pressure Frankie & Benny’s owner ousted its chief executive Danny Briethaupt, replacing him with the former boss of betting company Paddy Power. Andy McCue will join the group on September 17. Ivor Jones, of Peel Hunt, said: “We believe it is also encouraging that McCue has led a business through a takeover, which may be in the medium-term future for Restaurant Group.” Shares leapt 40.9p, or 10.9pc, to 417.7p.
EasyJet flies higher on M&A chatter
Shares in no-frills airline easyJet ascended to its highest level in more than three-weeks as it became the latest victim of takeover chatter.
Rumours swirled the City that a private equity fund was interested in swooping in on the low-cost carrier. However, traders talked down the idea of an outright bid, saying it was “unlikely”.
But some City analysts said the stock price move could be attributed to Sir Stelios Haji-Ioannou, the outspoken founder of the FTSE 100 company. They suggested it is always possible Sir Stelios may want to reduce his holding. His family currently own a 33pc stake in the business.
Shares have had a turbulent time since the Brexit vote, slumping 28.2pc. Just last month chief executive Carolyn McCall conceded that the pound’s dramatic fall since the referendum on June 23 had cost the airline £40m, as it increased the airline’s cost and made it more expensive for Britons to travel abroad.