Afternoon:
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Coffee and pasta chain Carluccio's today revealed that it has had a takeover bid, sending the shares soaring.
It didn't name the bidder, which prompted speculation that 12% shareholder Richard Caring is behind the offer.
City sources say it is more likely that a private-equity house has made a punt, perhaps leaving Caring in the wings to make a counterbid if the talks get serious.
The shares jumped 15p to 93ªp. Traders speculated at a bid of up to 120p a share, which would value the firm at £69 million.
Carluccio's, which is being advised by Hawkpoint Partners, seems to have defied the worst of the downturn.
In the half-year to March, turnover was up sharply, allowing the group to continue with its expansion plans.
Analysts say that with 25% of its seats outside, Carluccio's can expect to do well if predictions of a hot summer prove correct.
Although it is growing overseas, recently opening a store in Dubai, more than two-thirds of profits come from London. Last year it made £7.5 million of profit, allowing it to keep paying dividends to investors.
Caring, who owns The Ivy and Le Caprice among other restaurants, built up his stake over time.
In a statement to the stock market, Carluccio's said it has "received a preliminary approach" but that "there can be no certainty that an offer will be made or as to the terms on which any offer might be made".
