IFG soars after bid approach

IFG Group saw shares soar on Wednesday after revealing that it has received an approach that could lead to an offer for the company.IFG, which provides self-invested personal pensions in the UK and Ireland, said that the approach - from an unnamed party - is in the preliminary stages and is subject to a number of conditions."Accordingly, no assurances can be given that a formal offer will be forthcoming or that any transaction will occur," the statement said.The stock had been already performing well before the announcement, having leapt around 27% since the end of January.In March, the group reported a 29% increase in 2010 full-year revenues to €120.6m, from €93.3, while operating profit more than halved from €9m to €4.4m.---BC