LONDON (SHARECAST) - TBI shares hit a three-year high as the airport owner revealed it had received a takeover approach from an unnamed party.
"Discussions are at a preliminary stage and there can be no assurances that agreement can be reached," TBI said in a statement. Volumes had been heavy all day ahead of the announcement.
Management has been under pressure in recent weeks after reports that a group of investors wants the company to sell its assets, which includes Cardiff, Belfast and Luton airports, and return the cash generated to shareholders.
TBI has been trading well recently, as no-frills airlines grow their services, and analysts have put a break-up value of between 80p-110p on the group. The company said this week it was not aware of any moves to force a sale of assets.
Names mentioned as possible bidders include Macquarie Airports of Australia, a private equity bidder or even a MBO to take it private.
Earlier this year German group Hochtief walked away from a deal, while French group Vinci backed out of a bid after 9/11. Neither are believed to be involved in the latest approach.
