16th Feb 2015 14:40
LONDON (Alliance News) - Quindell PLC shares are rising on Monday afternoon in the wake of a regulatory filing that shows Morgan Stanley & Co International PLC to have built a stake of 5.03% in the insurance claims outsourcing and legal company.
According to the filing, Morgan Stanley's stake had been below the 3% threshold prior to the acquisition last Thursday, which now gives it 21.9 million shares in total.
The price at which the shares were acquired was not disclosed.
Quindell shares were up 7.7% at 73.80 pence following the news.
By Samuel Agini; [email protected]; @samuelagini
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