Shares in the UK“s Hepworth Plc gained recently, as optimism of further takeover activity in the building materials industry was raised by the collapse of bid talks between Anglo American Plc and Ta…
Shares in the UK“s Hepworth Plc gained recently, as optimism of further takeover activity in the building materials industry was raised by the collapse of bid talks between Anglo American Plc and Tarmac, dealers and analysts said. Consolidation hopes were also lifted after building products company Rugby Group Plc said it had received an approach which may lead to an offer for the company. Hepworth stock climbed 14p or 7.5% to 200p recently, making it the best performer among the top 350 UK shares at the time. Dealers said investors were hoping South African mining giant Anglo American may turn its attention to the likes of Hepworth, Aggregate Industries Plc or Meyer International Plc . Industry sources had said that Anglo American was looking to boost the UK aggregates business it inherited when it merged with its Luxembourg-listed sister company, Minorco SA, and listed on the London Stock Exchange earlier this year. Anglo American said in a statement that Tarmac had “summarily rejected” an increased proposal of 550 pence a share in cash, having earlier made a proposal of 535 pence. Tarmac“s share price was down 27p or 5.3 percent at 485p. Meanwhile, Aggregate Industries and Meyer stock rose 5.9 and 3.1% respectively.