Takeover talks boost UA shares

SHARES IN Scotland‘s largest livestock auctioneer soared this week (w/e Sept 3) on the back of confirmation from the company that it is in discussions that could lead to a takeover.

On Tuesday (Aug 31), the board of Perth-based UA Group, which also operates in the property sector, released a statement to the London Stock Exchange.

It confirmed that UA was “in early stage discussions that may or may not lead to an offer being made for the entire issued share capital of the company”.

The statement continued: “These discussions involve the acquisition of UA Group plc as a going concern, providing continuity for all three operating divisions – livestock marketing, property, and property services.”

At the close of trading last Friday (Aug 27), shares stood at 750p. After the announcement of takeover talks the price jumped by 38% to close on Weds, Sept 1 at 1035p.

Speculation about potential buyers was rife after the announcement to the Stock Exchange.

But two of those at the top of the rumour list, Aberdeenshire-based ANM Group and Harrison & Hetherington, the livestock auction firm based in Carlisle, immediately ruled themselves out.