Watchstone Group rejects conditional proposal

Watchstone Group, the insurance technology firm formerly known as Quindell, noted the recent jump in its share price and confirmed it has received a draft and highly conditional, non-cash proposal from a private company for all of its assets, excluding the actual and contingent liabilities.

“The board has rejected the draft proposal as being unworkable but the correspondence may or may not lead to a further proposal being made to the company.”

Watchstone, which did not disclose the value of the offer, said it will provide more information as and when appropriate.

At 1509 BST, shares were up 7.5% to 235.22p.