The London-based satellite operator announces a major expansion of its telecommunications network.Read more
Earlier we mentioned that satellite firm Inmarsat had received a takeover approach. The shares have risen 16% to 510p - but below the potential offer price which is around 543p.
Why? Helal Miah, investment research analyst at The Share Centre, says it is not a definite offer, the company has fended off takeover approaches in the past and the offer was made before the full year results which were "fairly encouraging".
“Therefore we believe once again Inmarsat may argue to remain independent and not recommend this offer to shareholders which we believe explains why the shares [are] not trading closer to the takeover price".
Shares in Inmarsat will trade for the first time since the satellite operator revealed it had received a £2.5bn takeover approach.
The cash offer for the FTSE 250 company - set up by the International Maritime Organization (IMO) to enable ships to stay in contact with shore or to call for help in an emergency - is from a consortium which includes Apax Partners, Warburg Pincus and Canada Pension Plan Investment.
The $7.21 or 543p a share offer is a 24% premium to the price the shares were trading at yesterday and 47% above the price they were trading at when the offer was first tabled on 31 January.
A formal offer must be made by 16 April.
Last July, US company Echostar made an approach but did not table a formal offer.
Hikma Pharmaceuticals is leading the FTSE 250 this morning, up 7.5% at £20.62, after it lifted its sales forecast as it supplies more opioid painkillers to the US which is experiencing a shortage.
Its full-year outlook has been boosted by both its injectables division and its generic drugs business.
Auto Trader's shares made good gains, 3.4% ahead at 454.2p, following a 9% rise in interim pre-tax profits to £114.5m on sales 7% higher at £176.8m.
Shares in sugar and sweeteners firm Tate & Lyle rose 2.9% to 705.4p on higher interim sales and profits.
The FTSE 250 is up 0.85% at 19,309.42.
Satellite operator Inmarsat is the biggest faller on the FTSE 250, down 4.8% at 438.3p after it said it would at least meet the lower end of full year revenue forecasts of between $1.3bn and $1.5bn after sales fell by 6% in its maritime business.