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.

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."

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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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