First Active plan sends waves through market

The big news on the Irish Stock Exchange today was the announcement that First Active directors had approved a €6.20 per share offer from Royal Bank of Scotland for the company.

The deal if approved would put a total value on First Active of €887m.

Analysts have said the deal was ’excellent’ for shareholders, with the offer being 33% up on Friday’s close.

Royal Bank of Scotland already own Ulster Bank in Ireland.

Shares in First Active rose 32% or €1.47 to €6.12 at close of trading today.

Grafton’s shareprice rose 23c to €5.10 after the building company announced that it had made two acquisitions for €40m.

Bringing the total number of acquisitions this year to eight, the two new firms added to the group’s stable are Telford Group Ltd in Ireland and Plumbline Supplies in Scotland.

Building group Abbey, who presented a positive trading statement on Friday, saw its shares close up 15c to €6.55 at close of business on Monday.