(Reuters) -London-listed financial services firm JTC said on Friday it had rejected two preliminary takeover proposals from British private equity firm Permira made in the past 10 days, without disclosing a reason for its decision.
JTC’s shares rose over 17% earlier on Friday to 1,150 pence, their highest since September 2024, after Permira disclosed that the companies were in discussions.
JTC, in its statement, said it rebuffed an initial bid from Permira on Aug. 20 and a second bid made on Aug. 22.
While the companies did not disclose a deal value, a Bloomberg report, citing people familiar with the matter, said the proposal would have valued JTC at around 2 billion pounds ($2.70 billion).
JTC and Permira declined to comment on the deal value.
JTC – which provides fund administration, corporate, and private client services globally – had a market valuation of 1.69 billion pounds as of Thursday’s market close, according to Reuters calculations.
The Jersey-based company posted strong first-quarter results in late July and said it is on track to meet its goal of doubling revenue and profits by 2027, a year ahead of schedule.
Permira, which manages about 85 billion euros ($99.51 billion) in assets across multiple sectors, recently made a $3 billion offer for vaccine maker Bavarian Nordic along with Nordic Capital. Bavarian Nordic has recommended the offer to its shareholders.
Permira has until September 26 to make a firm offer for JTC, under UK takeover rules.
($1 = 0.7402 pounds)
($1 = 0.8542 euros)
(Reporting by Yamini Kalia and Raechel Thankam Job in Bengaluru; Editing by Sonia Cheema, Tomasz Janowski and Susan Fenton)
