(MENAFN- ProactiveInvestors) The top-share index ended a drab week on a dull note shedding 13 points to close at 6960 down 86 points on the week.
Bid activity created a bit of excitement however as () announced it has made an offer for its much larger rival Bwin.party Digital Entertainment ().
Gambling site GVC the owner of Sportingbet confirmed it has proposed a reverse takeover of the World Poker Tour owner Bwin. GVC has a market cap of £278mln while Bwin’s is £784mln and the proposal is on an all share basis.
On a slow news day bulletin boards had been rife with speculation of the move before the announcement was made. The bid target said discussions with GVC are among a number of options it is pursuing.
Shares in Bwin rose 11.2% to 99.45p and were the best performers on the FTSE 350 while reversed earlier losses to close 1.5p higher at 560p.
The takeover of Greenwich-based brewer Meantime by multinational brewer of “any type of beer you like so long as its lager” () created less of a stir though it possibly had ale drinkers crying into their pints.
said it plans to grow sales of Meantime's beers nationally and explore export opportunities in its European markets under the leadership of Meantime boss Nick Miller.
No financial terms were disclosed but the purchase – expected to close in June - includes Meantime's retail sites including the Tasting Rooms and the brewery shop in Greenwich and the Brewery Fresh tank beer concept which is now in 26 pubs across London.
shares rose 0.7% to 3625p.
Among small caps () was the biggest gainer of the day after it announced the sale of stake in for £6375000 compared to book value of £552000. Shares climbed 90% to almost 4.75p after hitting 6.5p at one point.
Shares in MoPowered () the mobile commerce software specialist shot up today as it unveiled wide-ranging plans which will see the business re-launched with the name mporium Group.
Barry Moat founder of UK shop-at-work retailer Premier Direct is to take over the running of the company which is also set to acquire a digital marketing agency and raise £3.1mln of new equity. Shares powered 86% higher to 3.25p.
() has signed and closed a binding agreement for a US$7.5 million convertible loan facility prompting investors to chase the share price up from 5.125p to 9.125p.
() up 14.1% was wanted after the cancer treatment specialist revealed it is set to receive £500000 after issuing 5mln new shares as a result of warrants being exercised at a penny each.
On the down side () shed 16.2% to 3.875p as it said it could be looking for new drilling opportunities. The company improved its earnings (EBIDTA) by 29% in the first quarter of this month but crude prices continue to be an impediment; however revenues from oil sales for the company.
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