STOCKS NEWS EUROPE-Innovation Group soars after bid rejection

STOCKS NEWS Reuters Results diary

Europe [STXNEWS/EU] Real-time Equity News [E] [GB/EQUITY]

09:36GMT 17Dec2008-Innovation Group soars after bid rejection

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Shares in insurance outsourcing specialist Innovation Group (TIG.L) soar as much as 160 percent to 9 pence per share after the company rejects a 15-20 pence per share cash offer.

"We see 25 pence as the most realistic take-out price, given our view that there is no shortage of private equity buyers for this business," says Teathers analyst Michael Donnelly.

To see the article please click on [ID:nBNG355540]

Reuters messaging rm://ben.deighton.reuters.com@reuters.net

09:35GMT 17Dec2008-Admiral falls; UBS cuts to "neutral"

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Shares in Admiral Group (ADML.L) shed 5.7 percent after UBS cuts its rating to "neutral" from "buy" with a reduced target price of 950 pence, down from 1,100, citing the insurer's strong relative share price performance.

UBS says it continues to to view Admiral as defensive, but it feels the stock's valuation at these levels feels full, especially given the market de-rating.

The broker says if there is market wide shift out of the more defensive names during 2009, Admiral's rating is likely to suffer.

Reuters Messaging rm://jon.hopkins.reuters.com@reuters.net

09:29GMT 17Dec2008-Wood Group shares fall on weak outlook

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Shares in British oil services provider John Wood Group (WG.L) fall after the company says 2009 will be a challenging year as customers cut spending in response to lower oil prices.

The shares trade down 9.5 percent at 181 pence, the biggest loser anong the large European oil services companies and the broader DJ Stoxx European oil and gas sector index .SXEP which trade down 0.9 percent.

"Our forecast assumes a slow down in 2009 leading to an almost 20 percent drop in earnings per share (EPS)," Keith Morris, anlayst at Evolution Securities says in a research note.

Reuters Messaging rm://tom.bergin.reuters.com@reuters.net