Sanne Group PLC (LSE:SNN) said it is in "advanced discussions" about a possible offer from rival Apex Group.
The asset management sector services provider, which rejected a 830p-per share offer by private equity firm Cinven in May, said the talks were about a possible offer at a price of 920p per share in cash.
This would be, it noted, a 51.6% premium to the average share price over the 90-day period before the Cinven offer was confirmed.
Sanne's board has indicated to Apex that the potential offer "is at a value that the board would recommend", should a firm offer be made, subject to due diligence.
It said Apex, a Bermuda-based global financial services provider, is well advanced in its due diligence review.