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.
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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%.
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