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Woodford to bag £2m profit from comms firm buyout

Woodford to bag £2m profit from comms firm buyout

Star fund manager Neil Woodford could scoop £2 million from one of his investments as business communications company Daisy Group's chief executive Matthew Riley, backed by a consortium that includes Toscafund Asset Management, announced plans to launch a £500 million bid for the company.

Woodford bought a 4% stake in Daisy Group in May for one of his St James's Place mandated funds when its shares stood at 170p. He now stands to collect £2 million if the cash offer of 190p per share, is successful.

Alternative Investment Market-listed Daisy Group's boss Matthew Riley made an approach to buy the company on 27 July although the company said the approach was not a firm intention to make an offer. Daisy said it has convened an independent committee of the board to engage in preliminary discussions with the consortium.

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