Lloyd's listed vehicle Goshawk's shares rose 10% today after Nikko Group confirmed it had made an initial offer to the insurer's management.
In a statement to the Stock Exchange, Nikko Group said: "Nikko announces that it has made an initial approach to the board of Goshawk with regard to a possible cash offer by a Nikko Group Company for Goshawk.
"The making of any offer would be subject to the completion of satisfactory due diligence and to obtaining a recommendation of the offer from the Goshawk board. There can be no certainty that any offer will be forthcoming."
Nikko is being advised by Altium Capital and Marwyn Capital.
Goshawk Holding has 175,924,079 ordinary shares of 5p each. This would value the company at approximately £88m.
