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Shares in Chester’s GB Group surge on takeover speculation

GBG/Oktra

Shares in Chester-based GB Group have jumped by over 20 per cent this morning after US private equity firm GTCR confirmed it is considering a cash offer for the identity verification specialist.

In response to press speculation over a takeover, the Chicago-based firm said late on Tuesday US-time that there can be no certainty any firm offer will be made, nor as to the terms on which any firm offer might be made. A further announcement will be made as and when appropriate, it added.

In its own brief statement on Wednesday morning, GB Group said: “Any proposals received will be evaluated by the board of GBG together with its advisers.” It urged shareholders to take no action.

At 9.30am on Wednesday, GB Group shares on the London Stock Exchange were trading 21.7 per cent higher at 635p.

GB Group posted a revenue of £242.5m for the 12 months to March 31, 2022, up from the £217.7m it achieved in the prior year, although pre-tax profits fell from £34.3m to £21.7m during the same period.

GTCR now has until 5pm on October 4 to announce a firm intention to make an offer for the group.

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