Magazine publisher, Highbury House Communications, saw a 26% rise in share price yesterday, after the Group confirmed that it had received an approach that could lead to a possible take over bid for the company.
Yesterday, the stock market saw Highbury shares increase from 1 7/8 to 9 1/4p, valuing the business at around £30 million. Tuesday saw the company enjoy a 5.4% rise, with a trading volume of 16.47 million, signalling the highest increase for the Group for two years.
Industry speculation surrounding the possible take over bid has earmarked magazine publishers, such as Emap or PUC and smaller rivals such as Future Network. Yesterday Future released a upbeat trading statement revealing the Group had seen a 3% increase in total group revenue for quarter one of the 2005 financial year (see Future Network Sees Good Start To Financial Year).
Highbury House has been struggling in the monthly magazine market, and December 2004 saw the Group issue a trading update, outline a weak performance in the second half of the year(see Highbury House Has Disappointing Second Half Of Year).
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