Hastings Group Holdings PLC (LON:HSTG) confirmed that it is in talks about a possible takeover offer for the company.
The FTSE 250 general insurer said it has been approached by a consortium of two insurance groups, Finland's Sampo Oyj and South Africa's Rand Merchant, about a possible cash offer.
Hastings said it has established an independent committee of the board, which has had discussions with the consortium.
"There can be no certainty that any firm offer will be made for the company, nor as to the terms on which any offer might be made," it said.
Hastings shares shot up 18% to 200.6p on Wednesday afternoon.