Shares in food manufacturer Bakkavor soared after it turned down two takeover bids from rival Greencore.
The FTSE 250 firm, which makes ready meals, pizzas and salads for supermarkets including Tesco, Marks & Spencer and Sainsbury’s, said the latest bid of £1.14billion ‘significantly undervalued the company and its future prospects’.
Shares soared 16.9 per cent, or 25.5p, to 176.5p while Greencore, which makes sandwiches and salads for supermarkets, lost 1.9 per cent, or 3.6p, to 186.8p.
There was some much-needed respite for investors on the wider market as the FTSE 100 closed up 1.1 per cent, or 89.77 points, to 8632.33 and the FTSE 250 rose 1.6 per cent, or 307.02 points, to 19995.59.
Tasty: Bakkavor makes ready meals, pizzas and salads for supermarkets including Tesco, Marks & Spencer and Sainsbury’s
Defence stocks were on the march once again with aerospace giant Melrose rising 6.4 per cent, or 31.8p, to 528p, BAE Systems gaining 4.2 per cent, or 66.5p, to 1657p and Rolls-Royce advancing 3.2 per cent, or 25p, to 796.4p.
Airlines were back in fashion as British Airways owner IAG added 2.6 per cent, or 7.1p, to 283.2p and Easyjet put on 2.7 per cent, or 12.8p, to 486.6p.
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