Elementis: Jumps on report of fresh takeover bid from Innospec

Innospec

20/04/2021 08:46

** Shares of chemicals group Elementis Plc  ELM.L  rise
16.3% to 157.8 in early trading
    ** Shares up on fresh takover bid of ~1 billion pounds from
U.S.-based Innospec  IOSP.O , reported by Sky News on Monday (https://bit.ly/3aoG8lf)
        
    ** Bid of 1 billion pounds represents ~168 pence per share,
though Sky News article states about 200 pence per share bid -
this is ~35% above the four-year average trading multiple -
Credit Suisse
    ** Elementis and Innopsec make chemicals used in a range of
products, from home and personal care to adhesives, paints and
agrochemicals
    ** ELM stock up ~39% YTD

 (Reporting by Vishwadha Chander in Bengaluru)
 ((Vishwadha.Chander@thomsonreuters.com;))