29th Aug 2025 14:15
(Alliance News) - JTC PLC on Friday said its board rejected a takeover proposal from private equity firm Permira Advisers LLP.
Earlier on Friday, Permira said it reached out to the Jersey-based professional services company regarding a possible cash offer for the business.
In a separate statement, JTC confirmed that it received a preliminary and conditional non-binding proposal from Permira to buy the company.
It said the board unanimously rejected the possible offer on Wednesday.
Permira and JTC did not detail the terms of any potential offer.
However, Bloomberg on Friday reported, citing people with knowledge of the matter, that Permira has made a proposal to purchase JTC that values it at around GBP2.0 billion.
Shares in JTC shot up 13% to 1,111.00 pence on Friday afternoon in London, giving the company a market capitalisation of GBP1.86 billion.
JTC said the proposal followed an earlier non-binding approach from Permira that was unanimously rejected Wednesday last week.
Permira is required to announce a firm intention to make an offer, or that they do not intend to make an offer, by September 26.
The private equity firm added that there is no certainty of any firm offer being made, nor as to the terms on which any firm offer might be made.
By Michael Hennessey and Christopher Ward, Alliance News reporters
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