Hiscox Shares Surge as Takeover Bid from Intact Financial Emerges
FTSE 100-listed insurer Hiscox’s shares leap amid report of takeover bid
The Guardian
Image: The Guardian
Shares of Hiscox, a UK insurer, soared to an all-time high of £18.90 amid reports that Canada’s Intact Financial Corp is considering a takeover. This surge reflects a growing trend of foreign interest in UK-listed companies, driven by attractive valuations. Hiscox's rise follows other recent takeover activity in the UK market.
- 01Hiscox's shares increased by 15.3% on Friday, reaching £18.90.
- 02Intact Financial Corp is interested in acquiring Hiscox to enhance its commercial lines of business.
- 03The surge in Hiscox's shares is part of a broader trend of foreign acquisitions of UK firms due to lower valuations.
- 04Tate & Lyle confirmed a £2.7 billion takeover offer from Ingredion, boosting its shares by 45%.
- 05Intertek is considering a £10.6 billion offer from EQT after initially rejecting three previous bids.
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Hiscox, a London-listed insurer, saw its shares rise to an all-time high of £18.90 on Friday, up 15.3%, following reports that Canada’s Intact Financial Corp is exploring a takeover bid. This interest comes amid a wave of foreign acquisitions of UK companies, driven by attractive valuations in the market. Intact's CEO is reportedly keen on Hiscox as a target to bolster its commercial insurance offerings. The surge in Hiscox shares reflects a broader trend, as other UK firms like Tate & Lyle and Intertek are also experiencing takeover interest. Tate & Lyle confirmed a £2.7 billion offer from US rival Ingredion, which has led to a 45% increase in its share price. Meanwhile, Intertek is contemplating a £10.6 billion offer from Swedish private equity group EQT after initially turning down previous bids. These developments suggest a significant shift in the UK market, with increasing foreign interest in local companies amid favorable valuations.
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The surge in Hiscox's shares may attract more investor interest and could lead to increased competition in the insurance market.
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