Shares in British department store chain House of Fraser rose to an eight-year high today on renewed speculation about a takeover bid with just under 12 per cent of its issued share capital changing hands.
"There has been a `dawn raid' to pick up a chunk of the equity. We wonder whether the buyer is an overseas trade predator," analysts at Seymour Pierce said.
Shares in House of Fraser, which have outperformed other general retailers by 1 per cent over the past 12 months, were up 8.6 per cent at 135-1/4 pence by 1 pm, valuing the group at around £295 million.
House of Fraser said in March that offer talks, which newspapers said at the time could have been with private equity firm Apax Partners, had ended three weeks after it revealed the approach.
House of Fraser declined to comment on the recent share move.