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
![https://cdn.mos.cms.futurecdn.net/flexiimages/mw70aro6gl1676370748.jpg](https://cdn.mos.cms.futurecdn.net/flexiimages/mw70aro6gl1676370748-320-80.jpg)
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 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
-
Regulator moves to protect access to cash amid branch closures and disappearing ATMs
News The Financial Conduct Authority has told banks to start assessing if local communities have adequate cash access from mid-September
By Marc Shoffman Published
-
VAT hike on private school fees could come earlier than previously expected
The government could start charging VAT on private school fees as soon as January 2025, according to the latest reports. What does it mean for parents?
By Katie Williams Published