IT is probably of some relief that stock markets continue to move slowly and quietly, as even the most excitable of investor needs time to pause for breath and reflection.

The slower change of pace allows us all to catch up with events, some of which can easily be forgotten. One such example is the long running take-over situation at Blue Circle.

It was back in January that the boards of Blue Circle and Lafarge agreed take-over terms from the latter for the former.

Regulatory clearance has been slow in coming from the US, Canada and Europe, although the situation is now close to resolution.

Shareholders in Blue Circle are being offered 495p cash per share, with a loan note alternative for those investors with capital gains issues. Acceptances for the bid need to be in by Friday, with payment out to shareholders to follow thereafter.

Investors will then have the opportunity, or problem, of considering a suitable reinvestment. As a member of the FTSE 100 Index, the market will also have to replace Blue Circle in its list of top 100 shares, with Smith & Nephew being the likeliest candidate for promotion.

This month will also see extraordinary meetings at Bank of Scotland and Halifax where their forthcoming merger will be discussed; though a completion date is not due until September.

We also await the outcome of the regulatory review of the proposed Lloyds take-over of Abbey National with the outcome finely balanced.

A couple of quiet days are always welcome.

John Pearson - Associate Director

Gerrard is regulated by the Securities & Futures Authority. Share prices and the income from them can go down as well as up. Readers are advised to seek professional investment opinion before entering into dealings in securities mentioned in this article, which may be unsuitable in their personal circumstances.