Law firm’s share price rises sharply on back of £11.5m acquisition
The share price at law firm Knights rose by almost a third on Thursday (May 19) after it revealed a £11.5m swoop for a south coast firm.
By close of trading, Knights’ shares were changing hands for over 125p each – up almost 33% on their Wednesday closing price of 94.40p.
However, this hike should be taken in context; as late as March 21 Knight shares were priced at 365p each until a profit warning saw them drop by 50% in a day to 180p. At their height in February 2020 they were priced at 488p each.
This morning, Knights revealed that Coffin Mew had been snapped up in a £11.5m deal will bring 102 fee earners to the firm and will significantly expand the firm’s presence in the south-eastern region.