The price dipped later to stabilise around the 242p mark by midday. The City is understood to have reacted to rumours that either Wal-Mart or Tesco is interested in buying the discounter. Any successful bid would have to win the support of chairman John Hargreaves, who retains a 52 per cent stake in the retailer.
Matalan's market capitalisation stands at just less than£1 billion.
No comments yet