Shares of telecommunications company TalkTalk jumped 16% after agreeing to consider a takeover bid from investment firm Toscafund which values it at £ 1.1 billion.
TalkTalk said its board had “agreed to move the proposal forward” and would consult with advisers.
But he added that to make a firm offer, Toscafund would have to get the backing of TalkTalk chairman Charles Dunstone, who owns nearly 30% of the company.
Toscafund already owns a similar sized stake in the company.
The offer is worth 97p per share, far less than an offer of 135p per share that Toscafund reportedly made last year.