London-listed financial services firm JTC Plc has entered into discussions with rival private equity groups Warburg Pincus and Permira, after turning down a series of earlier buyout approaches from both firms, according to a report by Reuters.
The Jersey-based company confirmed it had rejected two proposals from Warburg earlier this month and three separate offers from Permira, but is now in talks over revised bids. JTC did not disclose financial terms. Under UK takeover rules, Permira has until 26 September to table a firm offer, while Warburg faces a 10 October deadline.
Shares in JTC jumped more than 11% to a record high of 1,306 pence following news of Warburg’s interest, valuing the company at more than £2bn ($2.7bn).
The potential bidding battle underscores the growing wave of private equity interest in undervalued UK-listed businesses. Blackstone is close to acquiring Warehouse REIT, while KKR recently agreed to buy Spectris in what is set to be the largest UK buyout of the year.
