Sector News

Convatec shares jump on report of potential takeover interest

March 27, 2019
Life sciences

Shares in Convatec jumped to one-month highs on Tuesday after Swedish business daily Dagens Industri said several investors are considering an offer for the British medical device maker after the recent slump in its stock.

One of the interested parties is Swedish private equity firm EQT, according to the report, which cited anonymous sources.

The FTSE 250-listed shares were up 8.1 percent at 0857 GMT after hitting their highest since mid-February. They were top of the pan-European STOXX 600.

Turnover was high with 4.4 million shares changing hands in the first hour of trading, just shy of the long-term total daily average.

Convatec and EQT declined to comment.

The shares plummeted a month ago after the company launched a turnaround plan following disappointing annual results.

By Josephine Mason

Source: Reuters

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