Shares in St Modwen Properties shot up by a fifth on Friday, ending the week just short of a proposed offer from private equity group Blackstone.
The two parties confirmed talks over a £1.2bn deal this morning. Priced at 542p a share, the offer would be a 24% premium to net tangible value.
The developer’s shares soared by 20% to end the session at 537p.
Real estate’s biggest fall came from London & Associated Properties, down by 12% to 11p after reporting its full-year loss of £5m earlier today.
A 0.8% rise saw the FTSE 100 finish the week at 7,129, while the FTSE 250 was up by 1.3% at 22,775.
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