Morse deal backed by biggest investor

Gartmore, which owns 28 per cent of Morse's shares, is keen to sell to 2e2

Thumbs up: Gartmore is keen to sell at 51p per share

Morse’s largest investor – Gartmore – has agreed to sell, prompting speculation that the takeover by 2e2 is less likely to be contested by a rival bidder.

The integrator agreed a 51p share cash deal with 2e2 earlier in the week, giving Morse a £70m price tag.

Other firms were initially believed by watchers to be considering a rival bid, including Computacenter and Xploite.

According to Investors Chronicle, any rival bids, while not to be ruled out, will have to be above 60p per share for Gartmore, which owns 28 per cent of the shares. This is a whopping 18 per cent above the current price.