Viridian gets bid approach
Viridian Group said on Thursday it has received a takeover approach, sending its shares up about 15 percent to value Northern Ireland's main electricity supplier at about 1.5 billion pounds.
A source familiar with the matter said the approach, which he understood to be an outright offer for the firm, had moved beyond the preliminary stage.
By 1:20 p.m., shares in the Dublin and London listed company were up 14.9 percent at 1,241 pence.
Viridian is the holding company for Northern Ireland Electricity. Currently, almost all of its income comes from the utility business with the wires business contributing around 70 percent.
Other business include generation, competitive supply and property.
The company, which has gained a strong foothold in the Republic of Ireland in recent years, said in May it was preparing well for the all-island single wholesale power market which starts in July 2007 after announcing a 24 percent rise in full year earnings.
Viridian owns a power station in Dublin.
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