News of takeover approach pushes housebuilder’s shares up 11% to 278p.

A mystery company has made a takeover approach for Country & Metropolitan. The £67m listed company issued a statement to the stock exchange saying that it had received an approach that could lead to the purchase of its shares.

The stockmarket reacted positively to the news and by lunchtime (Wednesday) C&M’s shares had risen 27p to 278p.