This morning, publisher Future Networks confirmed recent industry speculation (see
Highbury Share Price Rises On Possible Take Over Bid)that it is set to bid for Highbury’s
Front and
Fast Car publications, sending shares soaring. Highbury House shares were up 26% yesterday and rose a further 3.14% this morning to 9.54p. Shares in Future this morning were up 3.95% to 76p.
Highbury is valued at £30 million and since rumours of a take-over bid has enjoyed a 5.4% rise in share price, signalling the highest increase for the Group for two years.
A statement from Highbury House said: “The board has noted the recent movement in the company’s share price and confirms that it has received an approach that may or may not lead to an offer for the company.”
Last week, Future released its trading statement (see Future Network Sees Good Start To Financial Year), revealing a 3% increase in total group revenue and a strong performance in its Entertainment division, enjoying a 17% rise. Circulation revenue for the Group was up by 7%, while advertising revenue fell by 4%.
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