Buyout rumours see IFG shares down

Shares in specialist financial services company IFG slipped by nearly 10% yesterday after management moved to cool rising expectations that the company may be about to be acquired.

Last Friday, IFG’s share price jumped by nearly 24%, to €2.10, on the back of the Dublin-based specialist pensions and advisory business confirming it had received an approach from a potentially interested party, that could lead to a formal offer for the company.

However, the group’s share price slipped by as much as 12.86% to €1.83, yesterday on the back of it reiterating the early stage of the process and that no formal bid had been made as yet. It eventually rallied to close at €1.90, 9.5% down on Friday’s close.