Chemring Group (LSE:CHG) surged over 13% on Monday on reports the FTSE 250 defence firm had emerged as a takeover target of Bain Capital.
Private equity firm Bain had tabled at least one proposal to acquire Chemring in recent weeks, according to Sky News.
This “may” have included a 390p per share offer initially, Sky said, equating to a 9% premium on Friday’s closing price.
A second offer was said to have been under preparation, Sky added, though it was unclear whether this had been submitted.
Chemring joins a string of London-listed companies being targeted in recent years, with BP PLC and ITV PLC among others at the centre of speculation recently.
Shares jumped 13.7% to 407p on Monday.