Team Internet Group PLC (AIM:TIG, OTCQX:TIGXF) confirmed it has received separate bid approaches from private equity group TowerBrook Capital partners and fund manager Verdane each at 125p cash plus an unlisted share alternative.
The two proposals follow earlier approaches for the digital marketing specialist from each of the respective offerors, Team Internet said, both of which were rejected by the board as undervaluing the company.
Both proposals are subject to satisfaction or waiver of several pre-conditions, including completion of satisfactory due diligence, finalisation of financing and definitive transaction documentation.
In its statement, Team Internet added it is currently considering both approaches including limited interaction with the potential offerors.
Shares in the AIM-listed group jumped 29% to 117.6p, valuing it at £226 million.