MySQUAR PLC (LON:MYSQ) saw its shares leap nearly 50% higher in late afternoon trading after the Myanmar-language social media, entertainment and payments platform revealed it has received a takeover approach.
In a statement, further to speculation from a recent internet article, the AIM listed firm announced that it “has received an approach from another organisation which may or may not lead to a takeover offer.”
The group added: “Whilst appreciating any interest shown by potential investors or acquirers, the Company is not actively seeking a purchaser and believes that the continued growth and monetisation of its products will make it an even more attractive prospect over time.”
The company concluded that there can be no certainty that an offer will be made or as to the terms on which one might be made.
It also noted that as a British Virgin Islands incorporated company, the UK Takeover Code does not apply to MySQUAR.
However, it added that further announcements will be made in due course as appropriate.
Around 3.45pm, MySQUAR shares were 46.47% higher at 2.43p.