果冻传媒

Beazley (BEZ) shares rose 39 per cent to their highest ever level after Zurich Insurance (CH:ZURN) made its interest in the FTSE 100 insurer public on Monday afternoon.

Its offer of 1,280p in cash per Beazley share is the second made, after the insurer鈥檚 board rejected a 1,230p-per-share bid last month.

The latest takeover proposal values Beazley at around 拢7.7bn, and is a 50 per cent premium to Beazley鈥檚 closing share price on 16 January.

Zurich said it had reiterated 鈥渋ts desire to proceed at pace鈥� and added the new offer 鈥渋s designed to facilitate prompt engagement鈥�. 

Beazley has not yet commented on the takeover interest. 

Analysts at RBC Capital Markets argued the proposal was a 鈥渞easonable offer, given the uncertain outlook for Beazley鈥檚 earnings in coming years as Lloyd鈥檚 [of London] and US market end-markets soften鈥�.

Read more:Why Beazley is struggling in a growing cyber market

Auction Technology Group鈥檚 (ATG) board has once again knocked back a takeover approach from its largest shareholder, FitzWalter Capital, rejecting a revised possible offer valuing the online auction platform at 400p a share, or 拢491mn.

The new approach, disclosed on Friday, tops FitzWalter鈥檚 earlier 360p proposal, which the board had unanimously dismissed. The latest figure represents a premium of roughly 48 per cent to Auction鈥檚 share price on 2 January, before ATG鈥檚 directors first revealed the takeover interest. 

However, the board argued the revised offer, FitzWalter鈥檚 12th bid since first approaching the company in September, also 鈥渇undamentally undervalued鈥� the company and its future prospects. They 鈥渟trongly advised鈥� shareholders to take no action at this time. 

The directors said no customary letter setting out the full terms and conditions had been put forward. They added Macquarie Capital, FitzWalter鈥檚 financial adviser, said no such letter would be provided and suggested the board make 鈥渋ts own assumptions鈥�.

鈥淭he board, mindful of its fiduciary duties, stands ready to constructively engage with FitzWalter, or any other party, if a comprehensive proposal that reflects fair value is presented to it,鈥� it added.

The shares fell 3.7 per cent to 345p, having jumped by 14 per cent on Friday.

Shares in M&C Saatchi (SAA) jumped nearly 6 per cent this morning after the advertising and media group said it expects to deliver 鈥減rofitable growth鈥� this year, helped by a run of new contract wins despite ongoing market turbulence. 

The agency pointed to improved pipeline conversion in the second half of last year. Contract awards included work for Coca-Cola (US:KO) tied to its Premier League sponsorship, assignments for the UK government, a major consumer launch around a Super Bowl ad slot and increased scope of work for JP Morgan Chase (US:JPM) and Ferrari (US:RACE). 

For 2025, M&C Saatchi said it expects like-for-like net revenue to fall by around 7 per cent, or 2.5 per cent excluding Australia. Reported net revenue is forecast at 拢210mn, alongside operating profit of 拢27mn, helped by meeting its 拢12mn annual cost savings target in the second half.

Dowlais (DWL) reported an improvement in performance during its last year as a standalone company, with revenue at constant currency rates up 3.1 per cent to 拢5bn and adjusted operating profit coming in at least 14 per cent higher at 拢370mn.

The maker of car parts, which was spun out from Melrose (MRO) less than three years ago, is set to be acquired by American Axle & Manufacturing (US:AXL) next month, after Chinese regulators approved the deal last week. The cash-and-shares deal equates to about 94p per share based on current exchange rates, or 拢1.24bn.

Shares in SigmaRoc (SRC) rose 3 per cent in early trading after the limestone provider raised its 2025 earnings guidance.

The company expects to report underlying earnings per share of 10.5p, 10 per cent ahead of its previous guidance, on revenues of just over 拢1bn. It said the improved performance was down to achieving targeted synergies of 鈧�40mn (拢35mn) from its acquisition of CRH鈥檚 (CRH) European lime and limestone assets two years early.

SigmaRoc鈥檚 board also said that it is 鈥渃autiously optimistic鈥� for 2026, when it expects strong margins, cash generation and M&A activity to improve performance further.

鈥淲ith strong positions in all markets and supportive structural growth drivers, the outlook for SigmaRoc remains very positive,鈥� said chief executive Max Vermoken.

XP Power (XPP) reported a strong increase in orders for the final quarter of the year, driven in part by its decision to close its RF division.

The Singapore-based maker of power control systems said one RF client had made a pre-payment of 拢16.4mn to secure enough parts ahead of the closure, which will take three years via an orderly wind-down. The company decided to close the RF division in November, citing lower returns than from the rest of the group and export controls imposed by the US government.

Overall orders for 2025 were 28 per cent higher than the prior year at 拢226mn, but revenue was 4 per cent lower at 拢230mn. Adjusted operating profit is set to be in line with the consensus forecasts of 拢17.3mn. The shares rose by 4 per cent.

Building products group Marshalls (MSLH) has made interim chief executive Simon Bourne its permanent choice for the role.

Bourne has been with the company for more than a decade and was chief commercial officer before being made interim boss following the departure of Matt Pullen in November.

Marshalls reported flat revenue for the second half of 2025, with an improvement in building product revenue offset by weaker sales of landscaping and roofing products. Full-year revenue was 2 per cent higher at 拢632mn, while adjusted pre-tax profit is expected to be 鈥渋n line鈥� with broker forecasts of between 拢42mn and 拢44.4mn.

Marshalls鈥� shares fell by 2 per cent.

Flexible office landlord Workspace Group (WKP) is set to replace Lawrence Hutchings as chief executive in a surprise move, with industry veteran Charlie Green assuming the role on 2 February. Hutchings was in the job for less than two years, joining the company in November 2024.

Workspace did not give a reason for the change.

Green co-founded flexible office provider The Office Group (now Fora). He led the company for two decades and oversaw its majority acquisition by Blackstone in 2017, before stepping down in 2023.

鈥淭he strategy in place is clear and provides the right platform to rebuild occupancy and drive income growth over time,鈥� said Green.

This support could suggest he does not intend to significantly alter the company鈥檚 strategy. In a letter last week, activist investor Saba Capital called for Workspace to enter into a managed wind-down.

The shares fell 1 per cent in early trading.

Elsewhere, Great Portland Estates (GPE) named Jayne Cottam as chief financial officer. Cottam, who previously held the role at healthcare Reit Assura, replaces Nick Sanderson, who is set to join property broker Savills (SVS) as its finance chief from 12 March.