STM Group PLC (AIM:STM) said it has reached an agreement in principle for a possible takeover which values the firm at 70p per share, a roughly 162% premium on Monday’s close.
Shares, unsurprisingly, rocketed 100% to 54p.
The board of STM, a financial services provider, has confirmed to Pension SuperFund Capital, the buyer, that it would recommend shareholders accept any firm offer made on those terms, according to a statement.
Pension SuperFund Capital has been granted access to due diligence materials.