vehicle tracking firm Trafficmaster yesterday confirmed it was in takeover talks with an unnamed party, sending its stock up over 16 per cent.
Trafficmaster, which also provides navigation and journey data to drivers in the US and Britain, issued the statement in response to movement in its share price and recent press speculation.
The company gave no further details. Rumours about potential for consolidation helped Trafficmaster shares gain two per cent on Tuesday.
By the close of trading the shares were up 12 per cent at 44p a share yesterday, just off the intraday high of 46p and valuing the company at around £68m.
Since the start of the year, Trafficmaster’s shares have risen 31 per cent, against a 26 per cent rise in the FTSE All Share Index and a 12 per cent gain in the FTSE All Share Industrial Transportation Index.