Thorntons surges on Ferrero acquisition

Shares in Thorntons rocketed 40% on Monday on news that Ferrero International will acquire the company for a 145p per share cash offer that values the fully-diluted capital of Thorntons at approximately £111.9m.

The offer represents a premium of about 42.9% over the closing price of Thorntons on 19 June.

Thornton chairman Paul Wilkinson said: “Ferrero is offering our shareholders an attractive premium to the average price of Thorntons' shares over the last three months.

Although the prospects for Thorntons as an independent company remain strong as the company embarks on the next phase of its strategy, the board of Thorntons also recognises the potential benefits to the brand and the business, including employees and all stakeholders from combining with the Ferrero group."