Heiton rebuff sees shares rocket 26%

SHARES in Heiton surged 26% yesterday as the builders merchants and DIY group came out fighting in response to Grafton's takeover approach.

Heiton chief executive Leo Martin dismissed Grafton's proposed offer of €6.35 per share as "paltry" and said it failed to reflect Heiton's strategic value.

The market appeared to agree with Mr Martin's assessment as it drove the share price to €6.70, five per cent higher than the value put on the company by Grafton.