JTC shares up as confirms early-stage talks with two potential buyers
JTC PLC shares on Friday traded higher after the firm said it was in early-stage discussions regarding possible offers with Warburg Pincus LLC and Permira Advisers LLP.
The stock was up 13% at 1,332.00 pence on Friday afternoon in London.
JTC, a Jersey-based professional services company, confirmed in light of ‘recent media speculation’ that it has received a preliminary and conditional non-binding proposal, to acquire its entire share capital, from private equity funds managed by Warburg Pincus.
The board previously unanimously rejected two earlier non-binding proposals, on Friday last week and on Thursday.
Also, JTC revised a fourth revised proposal from Permira on Tuesday. This follows three unanimously rejected proposals, the third of which it received on August 30.
JTC said it is currently in early-stage talks, with Warburg Pincus and Permira, regarding both companies’ latest possible offers.
The company advised shareholders to take no action at this time regarding either of these approaches, and said there is no certainty that any firm offer will be made.
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