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finnCap Group PLC on Tuesday confirmed it has received a non-binding takeover proposal from stockbroker peer Panmure Gordon Group Ltd.
finnCap shares surged 19% to 16.11 pence each in London on Tuesday around midday.
The proposal consisted of a cash portion or an alternative which would see electing shareholders receive Panmure Gordon stock. finnCap said talks with investment bank Panmure are at an early stage, and there is no guarantee a firm offer is forthcoming.
Panmure has until the close of play on November 15 to decide whether or not it plans to make an offer.
In September, finnCap said trading between April 1 and August 31 was about 30% lower than in the comparable period a year before. The company attributed this to muted investor confidence, reduced equity capital markets activity, and tightening debt market conditions.
Further, the company announced that month that Chief Operating Officer Tom Hayward will leave finnCap on January 20, 2023.
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