Tullett Prebon gains on takeover speculation as CEO reveals exit plan
Shares in Tullett Prebon rose yesterday, 3 June, amid speculation of a possible takeover, The Daily Telegraph reported. The market report said demand for the London-listed interdealer broker’s stock is believed to have been boosted by bid chatter.
The report noted that a Shore Capital analyst suggested that Terry Smith’s newly revealed plan to step down as Tullett Prebon chief executive may result in vulnerability to predators seeking to consolidate the sector.
Tullett Prebon has a market capitalisation just short of GBP 662m (EUR 813m). Its shares were trading at 304p by end of play yesterday, 3 June, up 13.8p.
Source Daily Telegraph,