FTSE 250 movers: Meggitt rockets on takeover; Convatec hit by downgrade

(Sharecast News) - London's FTSE 250 was up 1% at 23,187.14 in afternoon trade on Monday, boosted by deal news.
Defence and aerospace engineer Meggitt rocketed as it agreed to be bought by US rival Parker-Hannifin for £6.3bn. Under the terms of the deal, Meggitt shareholders will receive 800p per share, which is a premium of around 70.5% to the closing share price on Friday.

Meggitt's chief executive, Tony Wood, said: "Bringing together the Meggitt and Parker businesses will provide increased benefit to the UK with the provision of technologies, products and capabilities through Meggitt, and a leading aerospace business in Parker.

"The offer from Parker is an endorsement of the work undertaken to transform the Meggitt Group in recent years, and the combined group will maximise the opportunities for future growth and profitability with a shared commitment to operational excellence, allowing us to continue to invest in our people, products and services for customers worldwide for years to come."

Fund administrator Sanne rallied after saying it was in advanced talks with Apex Group about a possible takeover at 920p per share in cash.

The possible offer represents a 52.6% premium to the closing share price on 13 May, which is the day before the comment of the current offer period. Sanne said the possible offer is at a value the board would recommend.

Going the other way, medical products and technologies company Convatec was hit by a rating downgrade at Stifel.

FTSE 250 - Risers

Meggitt (MGGT) 731.20p 55.87%
Sanne Group (SNN) 907.00p 7.46%
Tullow Oil (TLW) 47.88p 6.78%
Cineworld Group (CINE) 66.92p 5.29%
Syncona Limited NPV (SYNC) 220.50p 4.26%
Hochschild Mining (HOC) 160.60p 4.15%
Oxford Instruments (OXIG) 2,500.00p 3.73%
Capital & Counties Properties (CAPC) 176.90p 3.63%
Morgan Advanced Materials (MGAM) 398.00p 3.38%
Essentra (ESNT) 293.00p 3.35%

FTSE 250 - Fallers

Convatec Group (CTEC) 222.90p -5.91%
PZ Cussons (PZC) 244.00p -2.98%
TUI AG Reg Shs (DI) (TUI) 330.10p -2.65%
Trainline (TRN) 331.00p -2.19%
Premier Foods (PFD) 109.00p -2.15%
Liontrust Asset Management (LIO) 2,050.00p -2.15%
Tyman (TYMN) 415.00p -2.01%
HGCapital Trust (HGT) 391.50p -2.00%
Chrysalis Investments Limited NPV (CHRY) 245.00p -2.00%
AO World (AO.) 220.80p -1.95%