Consultant White Young Green has made the unusual move of announcing it is not in takeover talks, as its share price soars thanks to rampant maket speculation.
Yesterday White Young Green’s share price more than doubled, and the rise has continued today.
Over the past three months, the company’s share price has fallen from a high of 59.75 on January 22 to a low of 6.5p on 17 March.
The company’s share price has since been static at around 7.5-8p for the past month, until yesterday when the price jumped to 17.5p, and today the rise has continued and currently trades at 25p, a level not seen since 26 February.
The sudden movement of the share price has fuelled takeover speculation - Grontmij is one firm that has previously been linked to the consultant.
In a market statement, the company said: “The Board of White Young Green notes the recent movement in the Company’s share price and confirms that it is not in discussions with any party regarding a potential offer for the entire issued share capital of the Company.
“The Board remains focused on reaching a successful conclusion to negotiations with White YoungGreen’s lenders and delivering its new strategy as set out in the Company’s interim results. In this regard, the Board has made good progress in achieving substantial cost and headcount reductions, as well as improved cash management,” it read.