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Brady rockets as it receives possible counteroffer to Hanover takeover bid

The group is now in talks with an unnamed bidder about a potential offer that could scupper Hanover's £8.3mln bid for the firm

Brady PLC - Brady rockets as it receives possible counteroffer to Hanover takeover bid
Brady provides commodity trading and risk management software

Brady PLC (LON:BRY) shares rocketed on Monday as it received a potential counteroffer to a takeover bid by investment house Hanover.

The risk management software group said it has received an approach from an unnamed offeror and was currently in discussions, although it stressed that a formal bid has not yet been made.

READ: Brady inks £3mln loan agreement with two largest shareholders

In a separate announcement, Brady said the £8.3mln cash offer from Hanover, which was originally made in October, had fallen short of the 50% requirement for acceptances after it attracted approval from investors representing just 1.37% of its shares.

The timetable for acceptances has now been extended to 3pm on 29 November.

News of a possible rival bid sent Brady’s shares surging 37.6% to 16.5p in early deals, indicating that many are expecting a higher bid to emerge from discussions with the unnamed party.

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