(Reuters) -London-listed financial services firm JTC said on Monday that it has accepted a fourth revised buyout proposal from British private equity firm Permira, valuing the company at 2.3 billion pounds ($3.09 billion).
Under the deal, JTC shareholders will receive 1,340 pence per share in cash, a nearly 50% premium to the stock’s closing price on August 13, a day before Permira made its first bid.
Jersey-based JTC is one of the latest UK-listed companies to draw a bidding war from private equity funds. British companies have proven a fertile ground for bids as they typically trade at a discount to peers in the U.S. and Europe.
The company had rejected two proposals from Warburg Pincus in early September and three from Permira in August, without citing any reasons for its stance.
Shares have gained 38.6% since it first disclosed talks with Permira on August 29.
The Financial Times first reported about the deal on Sunday.
In September, Reuters reported private equity group Advent International had also been exploring a possible bid for JTC, though it put its work on hold at that time.
($1 = 0.7451 pounds)
(Reporting by Yamini Kalia, Angela Christy and Prerna Bedi in Bengaluru; Editing by Jamie Freed and Louise Heavens)
