Tate & Lyle Surges After FT Reports Advent Is Preparing Bid (1)

Ingredients company Tate & Lyle Plc surged after the Financial Times reported that buyout group Advent International is preparing a takeover bid.

Shares in the London-listed supplier to food producers rose more than 12% on the report, giving the company a market capitalization of about £3.2 billion ($4.2 billion).

Tate & Lyle helps food and drink manufacturers remove sugar and fat from products by replacing them with alternatives that replicate the taste and feel. The company, originally a sugar refiner, makes ingredients such as sweeteners, fibers and stabilizers for products ranging from ice cream and baked goods to soups, …