Whisky distiller Burn Stewart said that CL Financial, the Trinidad-based owner of Angostura bitters has made a £48.9m bid for the company.

The offer of 75p a share is 116% up on the 34.75p bid CL made for the maker of Scottish Leader whisky in April this year.

Burn Stewart shares closed 16% up at 72.5p on news of the offer.