Anexo Group PLC (LON:ANX) said it is considering a takeover approach from asset manager DBAY Advisors.
The company, which provides replacement vehicles to drivers involved in non-fault accidents, said while not confirmed, DBAY has indicated an offer price of 150p per share in cash, a 9.5% premium to its closing price on Tuesday, valuing the group at around £174mln.
Anexo also said that DBAY has been granted due diligence access to the firm and has until 5pm on July 21 to announce its firm intention to make an offer for the company.
If the takeover is executed, DBAY will acquire the remaining shares in Anexo that it does not already own, having previously acquired a 29% stake in the company last November.
Shares in Anexo jumped 5.1% to 144p in early deals on Wednesday.