Three companies in 'offer' mode: ISE

The Iseq index closed up 20.74 points on Monday to close at 5229.25.

The Iseq index closed up 20.74 points on Monday to close at 5229.25.

The Irish Stock Exchange announced today said that Barlo, (Melgan Ltd) Oglesbury and Butler (MBO) and the Gresham Hotel group (Consortium) are deemed to be in an 'offer' period under the rules of the Irish Takeover Panel.

Irish Continental Group reported pre-tax profits down 13% to €22.5m in what the company described as a 'challenging year'. An exceptional charge of €4.8m for restructuring impacted on results and ICG finished down 40c to €11.90 on the Iseq.

Pharmaceutical company Elan continued its upward curve with a 65c increase to €14.15.

All indications point to positive feedback from clinical trials being conducted by the drug manufacturer.

Both building group Kingspan and food group IAWS are due to report results tomorrow. IAWS was down 5c to €9.70 while Kingspan was down 2c to €4.34.

The Grafton group was down 4c to €6.26 ahead of its results due Wednesday.

Financials saw AIB up 3c to €12.19, Bank of Ireland down 1c to €10.54 while Anglo Irish was down 16c to €14.04.

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