Novae spikes beyond Axis offer price

Novae's share price overshot the agreed 700 pence of its agreed
sale to Axis Capital, announcedafter market close yesterday, in early trading to suggest that
the market believes a rival bid is possible.At 8:49am in London the shares had advanced by 22.4 percent to
711.5 pence.
Last night, Axis announced that it had struck a deal to acquire
Novae for £467.6mn ($604.4mn), equivalent to 1.5x trailing
book on a fully diluted basis and a 20.4 percent premium to...