JTC has rejected a £2bn acquisition bid from British global investment firm, Permira, following an offer made last week.

The FTSE 250 fund administration services provider said that its board rejected the offer after considerations with its advisers.

The £2bn offer follows an earlier proposal from Permira, which was unanimously rejected by JTC’s board on 20 August.

In accordance with UK takeover rules, Permira has until 26 September to either announce a firm intention to make an offer for JTC or state that it does make such an offer.

Following JTC’s response to the takeover, shares in the firm increased by over 17%.

---