Perform shares soar after takeover bid

Online sports rights owner Perform Group saw its shares rise steeply on Monday after the company confirmed it had received a takeover bid.

Access Industries Group submitted a final cash offer to acquire all of the remaining Perform shares it does not already own for 260p per share, valuing the entire firm at £701.6m.

The offer price is final and will not be increased, Access said.

Access Industries confirmed the bid would be carried out by AI PG, one of its divisions, with the unit set to bid for the 57.5% of Perform currently not under its control.

The bid represents a 27.6% premium to Perform's closing price of 203.8p per share on Friday and is also 21.7% higher than the average price of Perform shares throughout the month of August.

On Friday, upon releasing its half-year results, Perform said its expected revenues and adjusted earnings were on track for the full year.

In a note to investors on Monday, Numis said Perform was "back on track" and it reiterated its 'buy' status with a target price of 333p.

Perform shares rose 25.96% to 256.70p at 09:18 on Monday.

DC