Shares in Team Internet Group (TIG) surged nearly 30% following the announcement of two takeover approaches from TowerBrook Capital Partners and Verdane Fund Manager. Both firms proposed a price of 125p per share, representing a 37% premium over TIG's previous closing price of 91p.

TIG indicated that earlier proposals from both parties were deemed inadequate. The company is currently evaluating the new offers with the help of its advisers and plans to provide updates as necessary. Under the Takeover Code, TowerBrook and Verdane must either confirm their intentions to make a formal offer or withdraw by February 4.

Following the news, TIG's share price rose to 117.36p, although it has seen a significant decline over the past six months, halving in value. Despite this downturn, TIG reported expectations for record profits in 2024 and 2025, although growth rates may be softer than initially anticipated. The company emphasized that its core operations remain strong and resilient, providing a solid foundation for future growth and cash generation.