Team Internet receives two takeover proposals, will consider both

(Alliance News) - Team Internet Group PLC on Tuesday said it has received two takeover approaches, which it is considering with advisers.

The London-based internet services company said the proposals are from TowerBrook Capital Partners UK LLP and Verdane Fund Manager AB, both for 125 pence per Team Internet share in cash.

Team Internet shares jumped 28% to 116.61 pence each on Tuesday morning in London.

The proposals come with an option for Team Internet shareholders to elect for an unlisted equity alternative in respect of Team Internet shares.

Team Internet in the past has rejected earlier approaches from both companies.

"The board is currently considering both approaches with its advisers, including limited interaction with the potential offerors, and will make further announcements in due course as appropriate," the company said.

TowerBrook and Verdane have until February 4 to announce a firm intention to make an offer, or to announce that they do not intend to make an offer.

By Tom Budszus, Alliance News slot editor

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