Jersey-based fund and corporate services provider JTC PLC on Friday confirmed it has rejected a takeover approach from Permira Advisers LLP, calling the proposal “preliminary, conditional and non-binding.”
The decision, delivered after what the company described as careful deliberation with its advisers, leaves investors in suspense as the FTSE 250-listed firm charts its own course.
“The board of JTC on Aug. 27, having carefully considered the Permira possible offer together with its advisers, unanimously rejected it,” the company announced. Shareholders were urged to take no action.
Behind the Curtain of the Rejection
Though JTC withheld financial details of the approach, the rebuff signals a firm stance against one of Europe’s heavyweight private equity players.
White & Case LLP is advising JTC, alongside financial counsel from Deutsche Numis and Robert W. Baird. Legal representation for Permira was not immediately disclosed.
Permira’s Gambit and the Clock Ticking
Earlier Friday, London-based Permira acknowledged it had made contact with JTC about a potential acquisition. But the firm stressed that no final decision has been made on a formal bid.
Permira now faces a Sept. 26 deadline at 5 p.m. to either make a binding offer or walk away — unless the U.K. Takeover Panel grants extra time. The investment firm signaled it would update the market “as and when appropriate.”
As part of its regulatory disclosures, Permira is also reviewing whether any of its portfolio companies hold JTC shares, which could trigger further compliance requirements under U.K. takeover rules. Findings are expected by Sept. 12.
