Orchid Developments jumps on takeover approach
Orchid Developments, the Bulgaria focused property company, has lept 61% this morning after revealing that it has received a takeover approach from a third party.
Orchid Developments, the Bulgaria focused property company, has lept 61% this morning after revealing that it has received a takeover approach from a third party.
Nevertheless, as always in these types of situations, the company said that "the approach is at a very early stage and there can be no guarantee that it will result in an offer being made."
Shares were trading around the 7p level today. Yesterday, the price surged from 3.63p to 4.25p on speculation of a deal.
Subscribe to MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE

Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Orchid is incorporated in the Cayman Islands so is not subject to the City Code. Consequently, there will be no automatic 28-day "put up or shut up".
The company also said that, in spite of press reports yesterday that it had received an offer for its Grand Mall in Varna, a city on the Black Sea coast, no formal approach for that property has been made.
Over the last 12 months Orchid's share price has fallen 74%.
BS
Sign up for MoneyWeek's newsletters
Get the latest financial news, insights and expert analysis from our award-winning MoneyWeek team, to help you understand what really matters when it comes to your finances.
-
How taking a two-year career break could leave a £26k hole in your pension
Career breaks are increasingly common but it is important to take steps to protect your pension, as gaps compound over time
-
Cash in on your attic: Thousands could be sitting dormant in your storage
Selling your valuables at auction could be far more lucrative than you think. We take a look at how auctions work, and some tips to help you maximise your profits