Charter Says in Talks With Bidder; Rises Most Since June

Charter International Plc (CHTR), a welding and automation-equipment maker, rose the most in almost eight weeks in London trading, after saying it is in talks with a potential bidder other than Melrose Plc. (MRO)

Charter, which has turned down two indicative cash-and- share offers from Melrose this year, rose 20 percent to close at 747 pence at 4:30 p.m. in London, the biggest gain since June 29.

The Telegraph today reported that Charter had received a 870 pence per share indicative offer from an unnamed bidder.

“The company confirms that it is in discussions with a potential offer other than Melrose Plc regarding a possible takeover for the company,” Dublin-registered Charter said in a Regulatory News Service statement. “These discussions are at an early stage and there can be no assurance that they will lead to an offer for the company.”

To contact the reporter on this story: Colm Heatley in Belfast at cheatley@bloomberg.net

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