Newspaper article The Journal (Newcastle, England)

Shares in Barratts Take a Dive; in Association with RBS

Newspaper article The Journal (Newcastle, England)

Shares in Barratts Take a Dive; in Association with RBS

Article excerpt

Byline: By Andrew Mernin

SHARES in the UK's second biggest house builder Barratt Developments plunged yesterday as speculation that the firm was set to change hands cooled.

On Monday, the Newcastle group's embattled shares received a welcome 3.75p lift to 469p amid rumours it was set to be the subject of a takeover bid or management buyout.

Yesterday, however, shares fell back by 27.75p to 441.25p as unconfirmed rumours of a 600p-a-share buy-out cooled down. The company said it was unable to comment on market speculation.

Vinay Bedi, of stockbrokers Wise-Speke, said: "You did see a lift on Monday, but those shares have suffered terribly over the last six months as the general housing sector has been hit by what were initially rising interest rates and now concerns that the property market is slowing down.

"It's not surprising people think there may be an element of long-term value there and you will always get rumours in a volatile market. …

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