- Broadband retailer TalkTalk Telecom has received a preliminary and non-binding proposal from Toscafund Asset Management (TAM) on behalf of funds advised by TAM regarding a possible cash offer of 97p per share.

The board of TalkTalk Telecom has considered the terms of the proposal and has agreed to progress it further with TAM.

It reported that the proposal contains a number of pre-conditions to announcing any firm intention to make an offer.

One of these is that TAM receives an 'irrevocable undertaking' from TalkTalk's founder and executive chairman Sir Charles Dunstone in support of such offer, including an election for any unlisted share alternative in respect of his entire holding of ordinary shares in the company.

It stated: 'These pre-conditions may be waived by TAM in its absolute discretion.'

TAM has until 5.00pm on 5 November 2020 to either announce a firm intention to make an offer or announce that it does not intend to make an offer.

At 8:50am: [LON:TALK] Talktalk Telecom Group PLC share price was +13.75p at 97.05p

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