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Ocado shares down 8% in morning trading
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Stock had soared up to 47% on Thursday
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Times reported speculation of possible bid interest
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Ocado's No. 2 shareholder says firm should stay independent
LONDON, June 23 (Reuters) - Ocado shares fell 8% on Friday in the absence of any bid developments, after soaring the day before on a Times newspaper report of possible takeover interest in the online supermarket and technology group.
The Times reported talk of bid interest from more than one U.S. suitor including Amazon, pondering the merits of an offer worth 800 pence ($10.21) per share, an 86% premium to Ocado's Wednesday closing price of 430 pence.
Ocado and Amazon both declined to comment.
Having risen as much as 47% on Thursday and closing up 32%, Ocado shares were down 8% at 0818 GMT Friday.
Given Thursday's move in Ocado's share price, under UK takeover rules if the group had received an approach that could result in a firm offer it would normally be obliged to notify the market.
If a suitor was planning to make an approach but hadn't yet done so, and if Ocado was unaware and details had leaked, the obligation to consult the Takeover Panel would sit with the possible bidder. It might be required to make a statement.
Analysts said the lack of any statements told its own story, indicating the bid speculation could be wide of the mark.
Baillie Gifford, Ocado's second largest shareholder with a 12% stake, said the group should remain independent.
"We believe that Ocado is very early in addressing a very big market opportunity," said Tom Slater of Baillie Gifford, which manages the Scottish Mortgage Investment Trust.
"It would be a dreadful shame if the UK were to lose one of its leading listed technology companies when there is so much potential remaining." (Reporting by James Davey; Editing by Jan Harvey)
