Shares in AIM-listed Glantus Holdings PLC (AIM:GLAN) skyrocketed over 100% on Wednesday morning, after confirmation takeover talks were being held with US private equity investors.
Glantus updated talks had been taking place with Accel-KKR over “a possible cash offer for [its] entire share capital” in a statement on Wednesday.
Accel-KKR will now have a deadline of 16 August to make an offer for the Dublin-based AI and machine learning company.
Glantus provides automation and analytics services to the accounts payable sector, with its artificially powered DataShark programme designed to reduce the need for manual work.
By using the automated system, companies can record a 95% reduction in “mundane” manual tasks, such as data analysis and visualisation.
Though Glantus said an official offer had not been made, the company assured the deadline for a bid could be extended, prompting shares to jump 111% to 23.75p.