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Beazley (BEZ) shares rose 39 per cent to their highest ever level after Zurich Insurance (CH:ZURN) made its interest in the FTSE 100 insurer public on Monday afternoon.

Its offer of 1,280p in cash per Beazley share is the second made, after the insurer’s board rejected a 1,230p-per-share bid last month.

The latest takeover proposal values Beazley at around £7.7bn, and is a 50 per cent premium to Beazley’s closing share price on 16 January.

Zurich said it had reiterated “its desire to proceed at paceâ€� and added the new offer “is designed to facilitate prompt engagementâ€�. 

Beazley has not yet commented on the takeover interest. 

Analysts at RBC Capital Markets argued the proposal was a “reasonable offer, given the uncertain outlook for Beazley’s earnings in coming years as Lloyd’s [of London] and US market end-markets soften�.

Read more:Why Beazley is struggling in a growing cyber market

Auction Technology Group’s (ATG) board has once again knocked back a takeover approach from its largest shareholder, FitzWalter Capital, rejecting a revised possible offer valuing the online auction platform at 400p a share, or £491mn.

The new approach, disclosed on Friday, tops FitzWalter’s earlier 360p proposal, which the board had unanimously dismissed. The latest figure represents a premium of roughly 48 per cent to Auction’s share price on 2 January, before ATG’s directors first revealed the takeover interest. 

However, the board argued the revised offer, FitzWalter’s 12th bid since first approaching the company in September, also “fundamentally undervaluedâ€� the company and its future prospects. They “strongly advisedâ€� shareholders to take no action at this time. 

The directors said no customary letter setting out the full terms and conditions had been put forward. They added Macquarie Capital, FitzWalter’s financial adviser, said no such letter would be provided and suggested the board make “its own assumptions�.

“The board, mindful of its fiduciary duties, stands ready to constructively engage with FitzWalter, or any other party, if a comprehensive proposal that reflects fair value is presented to it,� it added.

The shares fell 3.7 per cent to 345p, having jumped by 14 per cent on Friday.

Shares in M&C Saatchi (SAA) jumped nearly 6 per cent this morning after the advertising and media group said it expects to deliver “profitable growthâ€� this year, helped by a run of new contract wins despite ongoing market turbulence. 

The agency pointed to improved pipeline conversion in the second half of last year. Contract awards included work for Coca-Cola (US:KO) tied to its Premier League sponsorship, assignments for the UK government, a major consumer launch around a Super Bowl ad slot and increased scope of work for JP Morgan Chase (US:JPM) and Ferrari (US:RACE). 

For 2025, M&C Saatchi said it expects like-for-like net revenue to fall by around 7 per cent, or 2.5 per cent excluding Australia. Reported net revenue is forecast at £210mn, alongside operating profit of £27mn, helped by meeting its £12mn annual cost savings target in the second half.

Dowlais (DWL) reported an improvement in performance during its last year as a standalone company, with revenue at constant currency rates up 3.1 per cent to £5bn and adjusted operating profit coming in at least 14 per cent higher at £370mn.

The maker of car parts, which was spun out from Melrose (MRO) less than three years ago, is set to be acquired by American Axle & Manufacturing (US:AXL) next month, after Chinese regulators approved the deal last week. The cash-and-shares deal equates to about 94p per share based on current exchange rates, or £1.24bn.

Shares in SigmaRoc (SRC) rose 3 per cent in early trading after the limestone provider raised its 2025 earnings guidance.

The company expects to report underlying earnings per share of 10.5p, 10 per cent ahead of its previous guidance, on revenues of just over £1bn. It said the improved performance was down to achieving targeted synergies of €40mn (£35mn) from its acquisition of CRH’s (CRH) European lime and limestone assets two years early.

SigmaRoc’s board also said that it is “cautiously optimistic� for 2026, when it expects strong margins, cash generation and M&A activity to improve performance further.

“With strong positions in all markets and supportive structural growth drivers, the outlook for SigmaRoc remains very positive,� said chief executive Max Vermoken.

XP Power (XPP) reported a strong increase in orders for the final quarter of the year, driven in part by its decision to close its RF division.

The Singapore-based maker of power control systems said one RF client had made a pre-payment of £16.4mn to secure enough parts ahead of the closure, which will take three years via an orderly wind-down. The company decided to close the RF division in November, citing lower returns than from the rest of the group and export controls imposed by the US government.

Overall orders for 2025 were 28 per cent higher than the prior year at £226mn, but revenue was 4 per cent lower at £230mn. Adjusted operating profit is set to be in line with the consensus forecasts of £17.3mn. The shares rose by 4 per cent.

Building products group Marshalls (MSLH) has made interim chief executive Simon Bourne its permanent choice for the role.

Bourne has been with the company for more than a decade and was chief commercial officer before being made interim boss following the departure of Matt Pullen in November.

Marshalls reported flat revenue for the second half of 2025, with an improvement in building product revenue offset by weaker sales of landscaping and roofing products. Full-year revenue was 2 per cent higher at £632mn, while adjusted pre-tax profit is expected to be “in line� with broker forecasts of between £42mn and £44.4mn.

Marshalls’ shares fell by 2 per cent.

Flexible office landlord Workspace Group (WKP) is set to replace Lawrence Hutchings as chief executive in a surprise move, with industry veteran Charlie Green assuming the role on 2 February. Hutchings was in the job for less than two years, joining the company in November 2024.

Workspace did not give a reason for the change.

Green co-founded flexible office provider The Office Group (now Fora). He led the company for two decades and oversaw its majority acquisition by Blackstone in 2017, before stepping down in 2023.

“The strategy in place is clear and provides the right platform to rebuild occupancy and drive income growth over time,� said Green.

This support could suggest he does not intend to significantly alter the company’s strategy. In a letter last week, activist investor Saba Capital called for Workspace to enter into a managed wind-down.

The shares fell 1 per cent in early trading.

Elsewhere, Great Portland Estates (GPE) named Jayne Cottam as chief financial officer. Cottam, who previously held the role at healthcare Reit Assura, replaces Nick Sanderson, who is set to join property broker Savills (SVS) as its finance chief from 12 March.