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...Its new chief executive Andrew Heath was previously the boss of two companies that were taken over, chipmaker Imagination Technologies and chemicals group Alent, and has spoken of the need for a “sharper...
...Sir Hossein was ousted in 2016 and a new team, led by ex-Alent chief executive Andrew Heath, set about cleaning up Imagination, refocusing the business and improving its profitability....
...On Tuesday, the group also announced that it had appointed a new chairman, Peter Hill, who was formerly chief executive of electronics business Laird and chairman of chemical supplier Alent....
...Shares in Alent had fallen 7.2 per cent over the past 12 months but soared 44.9 per cent on Monday to 489p....
...High prices may be justified by forecast synergies — PSP paid 14 times earnings for Alent of the UK last year, for example....
...Quiet activist Cevian has tendered its 22 per cent of Alent for Platform shares....
...Alent is recommending its shareholders approve the 503p per share offer, which is a premium of around 49 per cent to its closing share price on July 10....
...Alent rose 44.2 per cent to 487p after US investors agreed a takeover of the electronics-chemicals maker for 503p a share....
...“Since Alent’s separate listing, Steve has played an important role in laying the groundwork for its long-term future,” said Peter Hill, chairman of Alent....
...Vesuvius, which has a market cap of £1.13bn, was spun out of the demerger of Cookson Group in 2012, when the 300-year-old British engineer split itself into two separate companies – Vesuvius and Alent....
...Alent climbed 3.1 per cent to 347.9p after Liberum put a 400p target price on the maker of solder material and electroplating chemicals....
...The divergent paths of Alent and Vesuvius can also be shown in their respective share prices since the December 19 split, with Alent’s stock up about 20 per cent, while Vesuvius’ shares have jumped by almost...
...The FTSE 250 company was last year spun out of Cookson, when the 300-year old British engineer split itself into two separate companies – Vesuvius and Alent....
...When Alent spun off from Vesuvius last year, Cevian took a board seat there, too. Mr Hill thinks there is room for “responsible activists”....
...Steve Corbett at Alent was another to trade at the earliest opportunity, although he had to wait five weeks from taking the helm in October last year because the shares were not listed until December following...
...In the UK, Cookson split itself into technology specialist Alent and ceramics provider Vesuvius in December....
...The combined worth of its two successors, Alent and Vesuvius, is £2.17bn, an increase of 21 per cent against a 12 per cent gain in the All Share....
...The warning hit peers, with Alent lower by 6.1 per cent to 340p and Filtrona down 1.5 per cent to 698p....
...Even Steve Corbett, Alent’s chief executive, acknowledges the possibility....
...Stakeholders will be granted one share in each of Alent and Vesuvius for every Cookson share they own....
...However, both Vesuvius and Alent are facing tougher market conditions and this is likely to prevent any euphoria,” said Michael Blogg, analyst at Investec....
...Steve Corbett and François Wanecq, the chief executives of Alent and Vesuvius, both told the Financial Times that the demerger of the engineer would create two smaller, more easily-swallowed companies that...
...Cookson Group ’s demerger of its performance paterials business took effect, with Alent ending at 309.7p....
...Vesuvius , the ceramics business formerly known as Cookson, moved higher by 8.6 per cent to 352p following Wednesday’s demerger of its electronics business Alent , down 1.5 per cent to 305p....
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