Collins Stewart Tullett, the second-largest UK inter-dealer broker, is listed on the London Stock Exchange. News of the takeover approaches, announced before the market opened this morning, sent the shares climbing from yesterday's close of 510p to 632p by mid-morning. The brokerage now has a market value of £83 million.
Speculation about the possible bidders pointed to US brokers attracted by the firm's strong inter-dealer presence; to Deutsche Borse; or to an information provider such as Reuters or Bloomberg. But Collins Stewart Tullett said it would not make any more annoucements until its interim results on September 19.