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Jarvis receive 'preliminary' offer to buy

Shares in Jarvis have soared by 75% since Wednesday on the back of speculation that the company is to be bought.

Jarvis issued a statement yesterday confirming the offer:

“The Board of Jarvis notes the rise in the Company’s share price. The Board wishes to emphasise that although a tentative inquiry has been made about a possible offer, the inquiry is extremely preliminary in nature and there can be absolutely no certainty that any approach or offer will be forthcoming.”

The company has suffered from a shrinking portfolio of work from its major client Network Rail, who has decided to postpone some work, which prompted 450 job cuts, to outrage from the RMT Union.

Jarvis posted a small operating loss for the year in August but could be highly prized by a contractor because of the large quantity of specialised plant that would be useful in the rail sector.

Shares rose from a close of 13.5p on Tuesday to a high of 23.75p at the close of trading yesterday.

 

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