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JTC rejects Permira takeover proposals
(Sharecast News) - JTC said on Friday that it had rejected two takeover proposals from private equity firm Permira. The fund administration services provider rejected a non-binding proposal from Permira on 20 August.
It received a second preliminary and conditional non-binding proposal on 22 August which was rejected on 27 August after careful consideration with its advisers.
"Shareholders are advised to take no action at this time in relation to the Permira possible offer," JTC said.
"There can be no certainty that any firm offer will be made for the company, nor as to the terms on which any such offer might be made."
It added that further announcements will be made as and when appropriate.
Under UK takeover rules, Permira has until 26 September to either announce a firm intention to make an offer or walk away.
JTC did not disclose any financial details but earlier on Friday, Bloomberg cited people with knowledge of the matter as saying that Permira had made a proposal that values the company at around £2bn.
At 1410 BST, the shares were up 13.5% at 1,112p.
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