InternetQ surges as it announces approach from consortium

InternetQ rocketed on Tuesday after the company said it has been approached by a consortium of investors about a possible offer for all the outstanding shares it does not already own.

The company, which develops and markets mobile related services through software platforms, said it has been approached by Toscafund Asset Management, private equity investor Penta Capital LLP, and founder and chief executive officer Panagiotis Dimitropoulos.

AIM-listed InternetQ said discussions with the consortium were at a preliminary stage and Tosca Penta is undertaking a customary due diligence process in relation to the company.

InternetQ said the announcement had been made without Tosca Penta’s consent, adding that there was no certainty an offer would be made.

“The board confirms that it has authorised the CEO to enter into discussions with Tosca Penta regarding a joint offer and that it has formed an independent committee to consider any offer.”

At 1343 GMT, InternetQ shares were up 76% to 143.97p.