UK's Ascential's shares touch record high after Informa agrees to $1.6 bln deal (updated)
24/07/2024 08:50
(Adds details on deal in paragraphs 3 and 4, Informa's shares
in paragraph 5)
July 24 (Reuters) - Ascential Plc's ASCL.L shares
soared over 26% to an all-time high on Wednesday after events
organiser Informa INF.L agreed to buy the owner of the Cannes
Lions Festival for 1.2 billion pounds ($1.55 billion).
Ascential's stock, which has risen more than 50% this year,
was up at 564.5 pence in morning trade.
The company, which also owns the Money20/20 fintech events,
said on Tuesday that it had received the cash offer from
Informa, which it was inclined to recommend to shareholders.
Under the terms of the deal, Ascential shareholders will
receive 568 pence per share, which represents a 27% premium to
Tuesday's close.
Informa's shares were down less than 1% on Wednesday.
($1 = 0.7753 pounds)
(Reporting by Radhika Anilkumar in Bengaluru; Editing by Sonia
Cheema)
((Radhika.Anilkumar@thomsonreuters.com;))