John Swan receives takeover bid

Livestock auctioneer John Swan & Sons has received a takeover bid from H&H Group at 1,350p per share.

Swan, which operates out of two prime livestock rearing areas in the Scottish Borders and Northumberland, said it planned to recommend the bid if H&H made a formal binding offer.

"This announcement is not, and should not be construed as being, an announcement of a firm intention by H&H to make an offer for the company," Swan said in a statement.

"There can be no certainty that an offer will be made for the company or, if an offer is made, whether a partial share alternative is also made."