Market wrap: St Modwen jumps on Blackstone bid

St Modwen’s shares saw a 2.06% hike today after Blackstone tabled a £1.2bn take-private bid. The company climbed from 534p to 545p, exceeding Blackstone’s offer price of 542p and fuelling speculation of a potential rival bid. Shareholders that own 6.59% of St Modwen have said they will vote in support of the acquisition, which is expected to complete in July. Landsec, meanwhile, climbed by 1.64% to 719p. The FTSE 100 REIT’s share price has been spiky this week, following a trading update that revealed its biggest annual loss since the GFC, 12 years ago. Today, chief executive Mark Allan purchased almost 21,000 shares at 708p, making a £148,500 investment. Online estate agency Purple Bricks fell by 5.7% to 91p, despite revealing ongoing growth in instructions, with a furlough money paid back and earnings “in line with current market expectations”. The FTSE 100 rose 1% to 7,020 and the FTSE 250 was up by 0.71% to 22,392. To send feedback, e-mail emma.rosser@eg.co.uk or tweet @EmmaARosser or @EGPropertyNews Picture © Andy Wong/AP/Shutterstock