US PE firm GTCR considering cash offer for GB Group

Responding to press speculation, the Chicago-based firm said late on Tuesday that there can be no certainty any firm offer will be made, nor as to the terms on which any firm offer might be made. A further announcement will be made as and when appropriate, it added.

In a statement on Wednesday, GB said: "Any proposals received will be evaluated by the board of GBG together with its advisers."

It urged shareholders to take no action.

At 1205 BST, BG shares were up 22% at 638.50p

Canaccord Genuity said: "We note that GTCR acquired Cisive in 2021, an onboarding & background screening business, which might offer synergies with GBG, who disposed of its sub-scale employee screening division in '21.

"If a deal were to materialise, this would continue a string of UK Tech public-to-private activity including compliance & e-invoicing software companies, CloudCall, a possible offer for Darktrace, a failed bid for RWS; as well as recent corporate M&A including Emis, Microfocus and potentially Aveva."

Canaccord, which reiterated its 'buy' rating on the shares, added: "With GBG 'in play' now from an M&A perspective, we could envisage interest from other PE firms as well as industry consolidators with prior interest in FraudTech assets such as Experian & RELX."