JTC PLC (LSE:JTC) shares rose 17% close to a new high after directors rejected two cash takeover bids put forward by Permira in the past two weeks.
The UK private equity firm announced today that it had approached the FTSE 250-listed fund administration and corporate services provider with a non-binding and conditional cash offer
JTC said its board rejected the offer on Wednesday, and revealed that it had done the same with an earlier proposal a week earlier.
"Shareholders are advised to take no action at this time in relation to the Permira possible offer," JTC said.
Last month, shares in JTC spiked up from recent 15-month lows after a half-year update reassured that organic revenue growth was above 10%, in line with long-term targets, alongside news of its own strategic acquisitions.
The company completed the purchase of Citi’s global fiduciary and trust administration business in July and agreed the buyout of Kleinwort Hambros Trust Company.
On Friday, the shares leapt 166p to 1,146p, not far off all-time highs of 1,178p seen around a year ago.