Paragon shares have climbed more than 17% this morning after the mortgage lender confirmed it is in takeover talks.
Commenting on recent press speculation, Paragon says it is in “exploratory discussions” with at least one party. US private equity group Blackstone is rumoured to be interested in the buy-to-let specialist.
Paragon has climbed 14.75p to 98.75p on the morning’s announcement. However, the lender is still down 92% on its £12.04 March 2006 price.
“In order to determine whether any of these approaches may form the basis for an acceptable offer or offers, the board has entered exploratory discussions with, and is providing certain due diligence access to, the parties concerned,” the statement reads.
“There can be no certainty that these discussions will lead to any offer being forthcoming.”IFAonline
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