16th Mar 2015 10:58
LONDON (Alliance News) - Shares in Quindell PLC surged on Monday morning following a report in The Sunday Times which indicated Australian law firm Slater & Gordon is on the verge of sealing a takeover deal for Quindell's legal services business.
The Sunday Times cited City sources who said the Quindell board is on the verge of recommending a GBP640 million cash offer for the legal services business from Slater & Gordon.
In addition to the GBP640 million upfront payment, Slater & Gordon is expected to pay Quindell 50% of receipts from noise-induced hearing loss cases, with the sources suggesting this could raise the total value of the deal to GBP900 million.
http://www.thesundaytimes.co.uk/sto/business/Finance/article1531148.ece
Quindell shares were quoted up 28% at 127.25 pence Monday morning.
By Sam Unsted; [email protected]; @SamUAtAlliance
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