The European Commission has cleared US-based Avnet's takeover offer for London-listed electronics maker Premier Farnell.
Premier Farnell shares sank on news that Swiss suitor Dätwyler Holding was refusing to improve its offer for the electronic components distributor.
UK mini-computer maker Premier Farnell has abandoned its recommendation on an offer by Datwyler Technical Components UK Ltd in favour of a rival and richer bid stumped up by Avnet, Inc.
HSBC downgraded Premier Farnell to 'hold' from 'buy' as it lifted the price target from 145p to 165p, which is the price Swiss conglomerate Daetwyler is paying per share to buy the technology company.
Premier Farnell shareholders should accept a decent price for a fading business, opines the Financial Times' Lex column after yesterday's recommended bid by Daetwyler.
Shares in Premier Farnell rocketed on Tuesday after the electronic component distributor agreed to be bought by Swiss-based Daetwyler Holding AG for 165p per share in cash.
RBC Capital Markets downgraded electronic component distributor Premier Farnell to 'sector perform' from 'outperform' but lifted the target price to 165p from 155p following its agreement to be bought by Swiss-based Daetwyler Holding AG for 165p per share.
London stocks were seen opening a little lower on Tuesday amid ongoing concerns about global growth and the possibility the UK might vote to leave the EU in next week's referendum.
Final results from Premier Farnell were largely in line with expectation but reminders of the unrelenting challenges ahead for the refocused electronics distributor left investors disappointed.
HSBC upgraded Electrocomponents to 'buy' and reiterated the same recommendation on fellow electronic distributor Premier Farnell, though it acknowledged the trading environment will continue to be weak in the short run.
Technology distributor Premier Farnell has agreed to sell its life-safety products unit Akron Brass to IDEX Corporation for $224.2m (£154m) in cash.
Tate & Lyle was the standout gainer on the FTSE 250 after Liberum upgraded the stock to 'buy' from 'sell' and lifted its price target to 670p from 505p.
Premier Farnell was under pressure after Citigroup downgraded the stock to 'sell' from 'neutral' and cut its price target to 90p from 140p following the company's profit warning last week.
Premier Farnell is in a bit of a mess at the moment, according to The Times' Tempus, after a 13.7% fall in interim pre-tax profits, and a warning second half operating profits could be lower than forecasts.
1630:Close Stocks ended the session lower as analysts and traders continued to debate the pros and cons of the US Federal Reserve raising interest rates or not this evening. Losses were also to be seen in China and the Stoxx 600, although some national European benchmarks managed to close in the green. Nonetheless, should the Fed stay its hand that was seen as positive for equity markets heading into the final stretch of the year. Compass and GKN led on the upside on the back of positive broker comments. Smiths Group and Babcock on the other hand fell afoul of analysts. Out on the second tier index oil sevrices stocks bore the brunt of selling. UK retail sales volumes for September surprised slightly on the downside. FTSE 100 down 42.22 points to 6,186.99.
London stocks dropped on Thursday as investors turned their attention to the Federal Reserve's announcement on interest rates due after the close.
The FTSE 250 index was down 20.12 points, or 0.12%, to 17,041.85 mid-trading Thursday afternoon.
Technology product distributor Premier Farnell reported a 13.7% fall in interim pre-tax profits to £30.6m as it warned that slowing momentum would mean the company's second half operating profits coming in at lower than forecasts.
The FTSE 250 index rose strongly along with larger benchmark indices, but lost ground as the session wore on.
Shares in electronics distributor Premier Farnell jumped as it said chief executive officer Laurence Bain will step down with immediate effect.