Watchstone has rejected an ‘unworkable’ bid from a private company to buy all of its assets, excluding the actual and contingent liabilities.

But the insurance technology firm has not ruled out further proposals from the company.

In a statement the company said: ”Watchstone notes the recent share price rise and can confirm that the company has recently received a draft and highly conditional, non-cash proposal from a private company for all of the assets, excluding the actual and contingent liabilities of the group.

“The Board has rejected the draft proposal as being unworkable but the correspondence may or may not lead to a further proposal being made to the Company.”