Network International confirms PE takeover approach, shares surge

Payments company Network International surged on Thursday as it confirmed it has received a preliminary and conditional proposal from private equity firms CVC Capital Partners and Francisco Partners about a possible takeover offer.

Responding to press speculation, the company said talks between Network and the consortium are ongoing.

There can be no certainty that any offer will be made, nor as to the terms on which any offer might be made, it said, adding that a further announcement will be made when appropriate.

Under takeover rules, the consortium has until 11 May to either announce a firm intention to make an offer or walk away.

At 1425 BST, the shares were up 27% at 309.20p.