New Look soars on bid talk

SHARES in women's fashion retailer New Look soared another 5% to a record 299p today. The boost came as non-executive director and 28% family shareholder Tom Singh revealed that the stake may be for sale.

It follows yesterday's 2.2% share-price rise to 283 1/2p as volumes ran well above normal levels on talk of a bid.

Today's announcement could attract attention from the Stock Exchange, which said today: 'We look at all unusual share price movements.'

Today Singh said he was conducting a strategic review of options for the group he founded.

Yesterday market gossip was that house broker Cazenove was buying stock at up to 300p a share ahead of a rumoured bid of between 320p and 350p that would value the troubled group at between £640m and £700m.

Today dealers said that Singh's stake, worth £163m, was likely to be bought by an overseas trade buyer.