Network International (LON: NETW) shares jumped further on Friday after the company confirmed it has received a “highly preliminary” takeover offer from Brookfield Asset Management Limited.
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The bid rivals CVC Advisers and Francisco Partners Management, with NETW confirming on Monday that the consortium had made a 387p per share offer for the company that it was “minded” to accept. It followed a series of prior proposals to acquire Network, which were rejected.
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NETW shares are up more than 9% on Friday after climbing 23% last Thursday and 19% on Monday. The stock is up more than 51% in the last 12 months.
Brookfield, the Canadian investment group, has offered 13p more than the consortium at 400p per share.
Network International said it is currently evaluating the Brookfield Proposal, although there can be no certainty that an offer will be made.
Brookfield has until May 19, 2023, to make a firm offer for the company or walk away, while the consortium has until May 11.
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