TP Group shares jumped after Science Group revealed it bought more than 10% of the company with a view to buying the engineering group.
Science said it bought 79.3m shares in the market, equivalent to about 10.2% of voting shares in TP, at 5p a share. Science said TP had rebuffed several approaches about an investment by Science and more recently a proposed takeover.
TP shares rose 29.7% to 5.06p at 09:52 BST after TP confirmed it had received an approach from Science.
Science said its approaches were all rejected by TP’s board without any discussion between the companies. It noted “very evident challenges” for TP including a record of poor returns to shareholders and the company’s admission that there was material uncertainty over its position as a going concern.
