Chemring Drops as Ousting of Chief Taken as Sign Deal Talks Over
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Chemring Group Plc, the target of a takeover approach by Carlyle Group LLP, dropped the most in two months in London after investors took the ousting of its chief executive as a sign deal talks are collapsing.
Chemring dropped as much as 9.8 percent to 312.4 pence, the most since Aug. 28, valuing the Fareham, England-based company at 613.5 million pounds ($981 million). The board opted to replace long-serving David Price with Mark Papworth.