Investor conversations during two earlier rounds of bid speculation suggest that 280p may not be enough to secure Advanced Medical Solutions Group (AMS), the AIM-listed wound-care and surgical products manufacturer.
Deutsche Bank said its discussions with shareholders during approaches by Montagu in early 2025 and Bridgepoint in December 2025 had indicated a valuation in the high 200s would represent a starting point rather than a finishing line, with some investors holding out for a price beginning with a "3."
AMS has confirmed it is in advanced talks with TA Associates, a Boston-based growth equity and buyout firm, over a potential acquisition valuing the company at approximately £600 million, or around 280p per share.
Sky News has reported a deal could be announced within days, though a conclusion is not certain, with a put-up-or-shut-up (PUSU) deadline set for 5pm on 16 May.
At 280p, the offer would represent a premium of approximately 23% to Friday's closing price, though Deutsche Bank noted the shares had already risen around 20% during April ahead of the confirmation.
On an enterprise value to earnings before interest, tax, depreciation and amortisation (EV/EBITDA) basis, the implied multiple of 11.5 to 12 times 2026 estimates is not, in the bank's words, a knock-out figure.
DB said it believed the reported price represents too low a valuation, though it acknowledged that some investors, given the uncertain macroeconomic and political backdrop, may take a different view.
There are hopes among some shareholders that competing bidders could yet push the offer toward 300p.
Deutsche Bank maintains a buy rating and a 275p price target on the shares, which last closed at 265p.