Private hospital group Spire Healthcare (SPI) has rejected a takeover approach from FTSE 100 group and 29.9% shareholder Mediclinic (MDC), saying it significantly undervalues the business. Mediclinic’s cash and shares deal valued Spire at c300p, versus the target’s closing price of 261.3p last Friday. Spire’s shares today jump 11% to 290.05p following the bid news.

British telecoms giant Arqiva has confirmed plans to float on London’s Main Market. The company specialises in TV and radio broadcast infrastructure and is expected to command a valuation in the region of £4.5bn which is big enough to be a member of the FTSE 100 index. The company has a £5.7bn order book and generated £943.8m revenue in past financial year. Arqiva says its strong cash conversion and resilient business provides 'potential for generous dividend payouts'.

Car seller Pendragon (PDG) falls 17% to 24p after issuing a profit warning. It blames a decline in demand for new cars and a drop in used car prices. The company now guides for £60m full year pre-tax profit which is much less than the £77m previously forecast by analysts. At the same time, Pendragon chairman Mel Egglenton has left the business for personal reasons. The new chairman is Chris Chambers, a former investment banker.

Waste specialist Renewi (RWI), which is the old Shanks business now merged with Van Gansewinkel, says full year results to be 'significantly above' its previous expectations. Its shares advance 6.7% to 105.1p.

There is major planning permission success for Harworth Group (HWG). It has the green light for a major mixed-use redevelopment of former Thoresby Colliery, which will accommodate up to 800 homes and 250,000 sq ft of employment space. The scheme will take 10 years to fully develop and is located near Sherwood Forest.

LED specialist Dialight (DIA) falls 17.5% to 672.5p after revealing slower than expected production ramp up. That causes Investec to slash its valuation for the business by 12% to 965p. Shareholders may find some comfort that the company plans to restart dividends soon.

Packaging group Essentra (ESNT) says its third quarter period showed like-for-like revenue growth, the first time this has happened for the group since the fourth quarter of 2015.

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Issue Date: 23 Oct 2017