City cheered by news as share prices at Wilmott Dixon's old housing arm leap 50% in two days
Willmott Dixon has announced its intention to buy back its demerged housing arm Inspace.
An indicative offer was tabled at 183p per share for the publicly-listed company.
Inspace said of the potential acquisition: “Discussions are at an advanced stage, there can be no certainty that an offer will be made.”
Inspace saw half-year pre-tax profits jump 47% to £5.4m in the six months to June of this year, while turnover more than doubled to £140m.
The announcement saw Inspace’s share price jump to a high of 167p, up from 109p at the beginning of the week.
Willmott Dixon would not comment on the potential acquisition.