Companies: EXL    EZJ    RYA    WIN   

News that Exel is buying Tibbett & Britten for a recommended £328 million in cash came just a day after the haulier said it had received an approach at a significant premium. The takeover, valuing each share at 668p, may help buoy the shares of other quoted logistics players, according to Arbuthnot's Alastair Gunn. Companies like Christian Salvesen and Wincanton are all on quite depressed ratings.

Meanwhile, the pitched battle in the no-frills airline industry, recently highlighted by Michael O'Leary's 'bloodbath' prediction, is heating up, with rising fuel costs adding to the competitive landscape. EasyJet, which pioneered no-frills travel in Europe with deadly rival Ryanair, might even introduce a frequent flyer programme, further blurring the distinction between budget and full service airlines.

EasyJet recently upset investors with its second profit warning in quick succession, sending the shares into a tailspin and leaving many analysts feeling duped. Forecasts were pared from £88 million pre-tax to just over £50 million, and there's press speculation that founder Stelios might try to take the FTSE 250 company private. EasyJet insists demand for low cost travel is still strong, but the 'forward pricing environment' is exceptionally competitive.