F&C shares jump as BMO tables £700m takeover bid

F&C shares have jumped by more than 20% after the group said it has received a takeover approach from Canada's Bank of Montreal (BMO).

F&C shares jumped as much as 24.5% to 116p after the fund group revealed details of the possible takeover, which prices F&C at £700m. "[F&C] confirms that it has received an indicative offer from BMO Financial Group of 120 pence in cash per ordinary share for the entire issued and to be issued ordinary share capital of F&C," the group said. "F&C and BMO are in advanced discussions about the details of the possible offer and the board of F&C has indicated to BMO that it is likely to recommend a firm offer at the offer price." Under the terms of the offer, F&C shareholders will also ...