(Alliance News) - Frenkel Topping Group PLC on Tuesday confirmed it has received a takeover approach from fund manager Harwood Capital LLP.
Frenkel - a financial advisor and asset manager - confirmed the approach following a spike in its share price.
Frenkel was trading 22% higher in London on Tuesday morning at 52.00 pence each but had risen as high as 57.00p earlier.
"At this stage, there can be no certainty that any offer will be made nor as to the terms of any such offer," Frenkel added.
Harwood has until February 25 to make a firm intention to make an offer or back away from the deal. The date can be extended with consent from the UK's Takeover Panel.
At June 30, Frenkel's assets under management stood at GBP851 million. Frenkel's discretionary funds ended June at GBP345 million.
Harwood Capital manages London-listed North Atlantic Smaller Cos Investment Trust PLC and Oryx International Growth Fund Ltd.
By Paul McGowan; paulmcgowan@alliancenews.com
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Frenkel Topping (FEN)