adminBy Najat Kantouar
Equals Group shares rose as much as 11% after the company said that it has approached Fleetcor Europe and Madison Dearborn Partners over a possible takeover of the company.
Shares at 1404 GMT were up 7.0 pence, or 6.8%, at 109.50 pence, having peaked at 114.0 pence shortly after the announcement.
The U.K. fintech payments group said Wednesday that the approaches are part of a plan to deliver greater value to shareholders over pursuing a standalone independent strategy.
It added that there is no certainty any firm offer will be made.
However, the board is confident about the long-term prospects of the business and it added that current trading remains in line with the company expectations.
The parties have until Nov. 29 to put forward a proposal or walk away under U.K. Takeover Panel rules.
Write to Najat Kantouar at [email protected]
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