JTC surges as Permira confirms takeover approach

(Sharecast News) - JTC surged on Friday after private equity firm Permira confirmed that it has approached the fund administration services provider about a possible takeover. Responding to press speculation, Permira said in a brief statement that there can be no certainty that any firm offer will be made, nor as to the terms on which any firm offer might be made.

Under UK takeover rules, Permira has until 26 September to either announce a firm intention to make an offer or walk away.

The statement came after Bloomberg cited people with knowledge of the matter as saying that Permira had made a proposal that values JTC at around £2bn.

At 1220 BST, JTC shares were up 13% at 1,110p.