Network International Holdings PLC (LSE:NETW) shares rocketed up 18.8% to 360p in Monday’s early deals after the payments company confirmed a bid proposal from a consortium comprising CVC Advisers and Francisco Partners Management.
The non-binding possible cash offer is worth 387p per share, which Network said it is “minded to recommend” to shareholders if it receives a firm bid.
The company's board has agreed to give the bidding consortium access to due diligence, it said.
The potential offer follows a number of earlier proposals that were rejected.
There can be no certainty that an offer will be made, Network noted.