TalkTalk has today announced it has received a takeover bid from investment firm Toscafund Asset Management.
The Manchester-headquartered telecoms giant released a statement saying it will consider the bid from Toscafund that values it at £1.1bn.
The offer from Toscafund - which already owns a just under 30 per cent stake in the broadband company - is worth 97 pence per share.
The firm said it’s board has “considered the terms of the proposal” and has “agreed to progress the proposal further with TAM along with taking advice from the company’s advisers”.
“A further announcement will be made as and when appropriate,” it said.
TalkTalk said its chairman, Sir Charles Dunstan, who owns nearly 30 per cent of the firm, must back the offer.
