TalkTalk share value surges 16% on takeover talks

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Reuters

Shares in telecoms large TalkTalk have surged 16% after it agreed to contemplate a takeover bid from funding agency Toscafund that values it at £1.1bn.

TalkTalk stated that its board had “agreed to progress the proposal additional” and would seek the advice of advisers.

But it added that to make any agency bid, Toscafund must get the backing of TalkTalk chairman Charles Dunstone, who owns practically 30% of the agency.

Toscafund already has a equally sized stake within the firm.

Toscafund’s provide is value 97p a share, significantly lower than a 135p-per-share provide that it reportedly made final yr.

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