London-listed fund services group JTC has said it has rejected two preliminary takeover proposals from private equity firm Permira over the past 10 days without revealing the reason behind its decision, according to a report by Reuters.
Permira confirmed discussions with the Jersey-headquartered business last week, sending JTC’s shares up more than 17% on Friday to 1,150p – their highest level in nearly a year.
According to Bloomberg, the approaches valued JTC at around £2bn ($2.7bn), though neither party has disclosed financial details. JTC, which provides fund administration, corporate and private client services globally, had a market cap of £1.69bn as of Thursday’s close.
The company recently reported strong first-quarter results and reiterated its target of doubling revenues and profits by 2027 – a goal it expects to achieve a year ahead of schedule.
Permira, which oversees roughly €85bn AUM, has been active in dealmaking this year, including a $3bn joint offer with Nordic Capital for vaccine maker Bavarian Nordic.
