British telecoms firm Gamma Communications confirmed on Friday that it is in preliminary talks with private equity firm Epiris, and separately, a consortium led by Oakley Capital and IT service provider Giacom on a potential takeover.
Shares of the company closed up 8.8% at 10.18 pounds, valuing the company at nearly 921.8 million pounds ($1.23 billion).
Gamma said in April that it was exploring a sale and was in discussions regarding possible proposals. It confirmed on Wednesday that Providence Equity Partners was among the parties with which it is in discussions.
Under UK takeover rules, Epiris and the consortium have until June 12 to make a firm offer or walk away.
Epiris declined to comment. Oakley Capital and Giacom did not respond to requests for comment.
Sky News, which first reported the talks with Oakley, said that Oakley Capital is partnering with IT service provider Giacom for a potential 1 billion pound takeover and break-up of Gamma.
Oakley has previously worked with Giacom founder and telecom veteran Matthew Riley at Damovo and Daisy Group, which merged with Virgin Media O2 last year in a $1.85 billion deal.
Source: Reuters.com