Phoenix’s stake in Hornby rises

Phoenix UK Fund’s stake in Hornby, the train set and model company, has risen to more than 70pc after a group of shareholders took up its 32.375p per share takeover offer. Phoenix was forced to make the offer last month after its holding in Hornby rose to over 50pc, but has said it plans to retain the group’s listing once the deal completes. Hornby has said the offer “significantly undervalues” it.