Team Internet Group shares surge after two takeover bids
By Benjamin Chiou
Date: Tuesday 07 Jan 2025
(Sharecast News) - Shares in Team Internet Group jumped by almost a third on Tuesday after the online marketing and web services firm confirmed it had received two separate takeover approaches.
TIG said that TowerBrook Capital Partners and Verdane Fund Manager had both approached the company, with each party proposing a price of 125p per share - a 37% premium to Monday's closing price of 91p.
Both TowerBrook and Verdane had approached TIG at an earlier, unspecified date regarding a possible takeover, but those proposals were not up to scratch, the company said.
"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," TIG said in a statement.
TowerBrook and Verdane now have until the end of play on 4 February to either announce a firm intention to make an offer or walk away, under the so-called 'put up or shut up' Takeover Code rules.
TIG's share price was up 29% at 117.36p by 1155 GMT. Excluding Tuesday's surge, the share price has halved over the past six months.
TIG, which says it connects businesses to domains, brands to consumers, and publishers to advertisers, said in November that while profits should hit record levels in 2024 and 2025, growth rates were to be softer than expected.
Nevertheless, it said core operations had remained "strong and resilient" over 2024, and "continue to provide a solid foundation for growth and cash generation".
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