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November 3, 2012 2:25 am
Shares in CPP, the identity theft protection group, endured a tumultuous week after it became a bid target for Affinion Group, a US marketing company.
The York-based group announced the approach on Wednesday after its shares leapt 40 per cent.
CPP said the approach was “at a very early stage” and that there was “no certainty” an offer would be made. The rally continued into Thursday before reversing on Friday, when shares fell 36 per cent.
CPP shares have fallen 88 per cent over the past year as the Financial Services Authority investigates allegations of mis-selling. The FSA has since agreed “in principle” to the group continuing to operate in the UK, although CPP may still face a large fine.
Affinion Group has until November 28 to announce its bid intentions. CPP closed at 27p on Friday, more than doubling over the week.
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