Shares in engineering group Kentz have rocketed up nearly 25 per cent on the news it rejected a takeover offer from rival AMEC.
Kentz said the offer of 565p to 580p per share - representing as much as £680m total - undervalued the company. The company announced it was not considering any offers, including another from M&W.
Shares in Kentz ended up two per cent at 475.9p on Friday on rumours of the bid. They're now trading even higher than AMEC's offer at 590p.