Alpha FMC shares soar on two takeover approaches

Shares in financial services consultancy Alpha FMC soared nearly 40% on Wednesday after the company confirmed rumours that it has been approached by two parties about a possible takeover.

The company issued a statement responding to recent press speculation and confirmed it had received a "non-binding indicative proposal [...] regarding a possible case offer for the entire issued and to be issued ordinary share capital" from investment firm Bridgepoint Advisers.

Private-equity company Cinven is also said to be considering a possible offer, although no indicative offer proposal has been received as of yet, Alpha FMC said.

"There can be no certainty that any firm offer will be made for Alpha FMC, nor as to the terms on which any firm offer might be made," the statement read.

Both Bridgepoint and Cinven have until the close of business on 29 May to announce a firm intention to make an offer.

Shares were up 39.8% at 468.46p by 1135 BST, giving Alpha FMC a market capitalisation of £532m.