Three key news stories unfolding as the UK stock market opens. Check out our companies reporting diary for upcoming results from FTSE 350 and selected international stocks.
1. Terms agreed for Tate & Lyle buy out
After Friday’s shakedown on Wall Street, if the market is in need of a sweetener, that may well be found in news that Ingredion has tabled an all cash offer for Tate & Lyle [LON:TATE] which is being recommended by the board. Talks have been ongoing for some time but the offer of 595p per share plus dividends reflects a 64% premium to the price before talks were made public. That would mark an end to the company’s 88 year run of being listed in London.
2. Further £10m share buyback announced by On The Beach
Travel agents On The Beach [LON:OTB] have this morning announced the launch of a further £10m share buyback, extending the £50m of capital already returned to shareholders since the start of FY25. The board note there is sufficient surplus cash in the business, whilst maintaining headroom for further investment as necessary.
3. Audioboom takes itself off the market as H1 trading set to impress
Audioboom [LON:BOOM] has issued an update this morning, noting that it has both been able to maintain the trading momentum it had built in the first quarter, with interim results expected to show revenues up by around one third, whilst adjusted EBITDA profits should add around 60%. Accompanying this, a strategic review which had been eyeing a potential sale of the business has been called off with the offers tabled failing to reflect the value in light of the improved performance.
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