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Ennstone approached by potential bidder

UK Aggregates firm Ennstone’s share price rocketed 17 per cent this morning after it confirmed that it had been approached by a potential bidder.

Should the preliminary approach turn into an offer, the firm said it would consider the deal.

In a statement it said: “The Board is considering this approach together with a series of other options to maximise shareholder value.”

No financial details have been disclosed and the identity of possible purchaser has not been identified but the Financial Times has reported that investment fund Marwyn Materials is the possible purchaser.

Following this announcement the company, which is the largest quote aggregates firm in UK, saw its share price rise 2 pence to 13.5 pence in frantic early morning trading.

Stock prices had previously fallen in the company after it had announced in August that it needed to find £11 million so as not to breach its banking covenants at its US business.

However, at the start of September the firm had revealed it had brought the company back into the black with pre-tax profit of £5.7 million for the first six months to June.