IFG shares surge on potential takeover news

SHARES in Irish financial services group IFG jumped by 17% yesterday, in reaction to the business announcing that it has received a potential takeover approach.

In a short stock exchange statement, the Dublin-headquartered business — which has inherited a leading position in the growing specialist pension market in Britain, through its acquisition of SIPP (self-invested personal pensions) provider, James Hay — said that it has received an approach “which may or may not lead to an offer” to acquire the company.

IFG’s share price was up by 16.67% — or 25c — at €1.75, yesterday in reaction to the news.