UK shares open; eyes on FTSE 250 deals as London market trades
FTSE 250 edged up Thursday, with Rotork plc making up more than all of that move. Rotork soared 66.85% after ABB Ltd offered a £4.14 billion cash deal. FTSE 100 slipped 0.34%.
Rotork (LON:ROR) steady at 488p; ABB (SWX:ABBN) offer spread turns into timing play
London's cash market was not open on Saturday. Shares of Rotork finished Friday at 488p, rising 0.4% compared with the previous Friday.
Rotork (LON:ROR) maths put ABB (SWX:ABBN) on spot for £45 million-£82 million profit
ABB has set a stiff bar with its £4.1 billion bid for Rotork. Based on ABB’s “mid-teens” earnings multiple—interpreted as 14 to 16 times—Rotork will have to boost annual EBITDA by about £45 million to £82 million from the 2025 starting point to hit those targets. ABB hasn’t broken down how much it’s counting on from cost cuts, sales or other sources.