Eaga Soars in London After Saying It Was Approached About Possible Offer

Eaga Plc, a U.K. energy efficiency provider, rose the most since 2007 in London trading after saying it received an approach that may lead to an offer.

The approach came from “an independent strategic party” outside the energy industry, the Newcastle Upon Tyne, England- based provider of energy solutions said in a Regulatory News Service statement today.

The possible bidder supports “in principle” a project to install solar photovoltaic equipment in public housing, according to the statement. Eaga runs the U.K. state-funded Warm Front heating insulation program, which the government said last year will be phased out as part of public spending cuts.

The shares surged as much as 21 percent, the most since June 2007, to 97 pence, the highest since Oct. 20, when the government said the insulation program would end. They traded at 95 pence as of 1:52 p.m., giving the company a market value of 238.8 million pounds ($387 million).

To contact the reporter on this story: Peter Woodifield in Edinburgh at pwoodifield@bloomberg.net.

To contact the editor responsible for this story: Colin Keatinge at ckeatinge@bloomberg.net.

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