(Reuters) - Euromoney Institutional Investor (LON:ERM) said on Monday it received a possible cash offer from a consortium, which could value the information services firm at around 1.60 billion pounds ($1.96 billion).
The consortium of Astorg Asset Management and Epiris LLP offered 14.61 pounds per Euromoney share, the company said, adding that it was in engaged in discussions with the group.
The offer is a premium of about 34% to Euromoney's closing share price on Friday, based on Refinitiv data.
The London-based company, which houses brands like BCA Research, Ned Davis Research and Metal Bulletin, also said it had disclosed the offer without the prior agreement or approval of the consortium.
Euromoney added that the consortium had earlier made four separate cash offers to its board, ranging between 13.50 pounds and 11.75 pounds per Euromoney share.
The consortium now has until July 18 to either make a formal offer or walk away under U.K. Takeover Panel rules.
FTSE-250 listed Euromoney was founded in 1969 by Patrick Sergeant, then City editor of the Daily Mail. Daily Mail & General Trust Plc divested its 49.1% stake in Euromoney in 2019.
($1 = 0.8170 pounds)