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June 9: Monday lottery operator Chariot swung low this morning, placing shares at 5p to raise £2.6m. This compares with the 220p they touched in April, but that was before the company realised its business plan was worthless. As we suspected, managing director Craig Freeman and chairman Tim Holley are stepping down.

House of Fraser has confirmed it is in takeover talks with Baugur about a £351m deal. The Telegraph, which broke the story this morning, says the retailer’s board “consented to the early-stage offer” late last month, so we’ll be asking why it took until today for an announcement to come out. House of Fraser shares are up 5½ per cent at 136p, which is below the 148p that is on the table. The company says, in the standard phrase, that there is no certainty a formal offer will be made.

Fuller, Smith & Turner posted a 5 per cent rise in adjusted annual profits and said its integration of Hampshire brewer George Gale is going well.

And, before the market instability snuffs out the takeover boom, we are working on a great M&A package for tonight. We’ve got a good new angle, we think, and the graphics are fabulous.

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