CareTech Holdings (AIM:CTH) PLC founders Haroon and Farouq Sheikh have confirmed plans for a potential bid that could see the social care company delisted from the London market.
In a statement, Sheik Holdings Group, the family Hoffice of the Sheik brothers, said it is in the early stages of forming a consortium to make a possible takeover offer for CareTech.
CareTech, which provides social care and education services for adults and children, said it had not been approached in relation to the potential bid.
Farouq and Haroon Sheik, executive chairman and chief executive respectively, set up CareTech in 1993 and own a minority stake in the company.
Sky News reported on Sunday that the brothers are in talks to secure the financing required to launch a takeover bid.
Shares were 3.24% higher at 605p in early trade.