Gartmore shares hit new low on bid talks concern

Gartmore shares dragged on the FTSE 250 yesterday amid fears takeover talks have come to a standstill.

The stock ended the day 3.7% lower while the mid-cap index was up 1.42% on Tuesday, Reuters reports. The share price bottomed at 88.6p but on Wednesday it jumped back to 91.95p at the start of trading. However volatility continued throughout Wednesday, hitting a new low of 87.95p by mid morning. Henderson put an offer on the table to acquire the beleaguered fund manager on December 16, although there was concern from some investors  the price was too low. A conditional offer of 95p per share, valuing Gartmore at £344m in total, was made. There has been no further information fro...